Nigeria: an African emerging market economy (only news) [Archive] - Page 6

pappy

March 14th, 2008, 07:13 PM

Young Music Superstars, Their Millions & Influence

Nollywood may have started the process of building a cultural hegemony for Nigeria in Africa and beyond, but there is no doubt that the completion is firmly in the grip of new stars of contemporary Nigerian music, whose progress is already underlined by their lush lifestyles

By Olusola Olaosebikan

The nineties belonged to the Nigerian home video industry, alias Nollywood, whose movies and stars arrested the attention of Africans on the continent, those in the Diaspora as well as non-Africans, particularly the Western media. With its distinctly African stories, Nollywood offered something fresh despite the poor technical quality of its output.

Today, Nollywood has improved and its sphere of influence widened. But it has been overtaken as the leading brand of popular Nigerian culture. It is beyond debate that its stars remain popular, but, except for a few, they are way behind the creators of what is now regarded as popular Nigerian music.

Locally, highlife, fuji and juju–for long the dominant strains–made huge impact, throwing up stars and icons, but their influence on the international market and audience was measly.

That is not the case with the new wave of stars, who have successfully married various Nigerian musical strains and continue to flirt, to huge acclaim, with popular foreign genres like American hip-hop, rap, reggae, rhythm and blues, funk, jazz and other less classifiable styles to produce music that is enjoyed in Nigeria and outside. Naturally too, the creators have become stars, and in some cases mega-stars with copious cash and fame.

Tuface Idibia, is easily the most famous of the lot. Within four months, the R&B star was robbed twice. On both occasions, he lost property worth millions of naira to the bandits. Before then, armed men had invaded his house, broke his neck and robbed him of valuables. Each of the attacks was headline news and got Nigerians worried and wondering why Tuface kept getting attacked.

Kes Igbado, owner of D’JAMZ Base Nightclub along Festac/Mile 2 link bridge, explained why robbers are attracted to Tuface. “These boys (musicians) are making money, real money. Don’t you know the kind of life they live, the kind of cars they drive? Man, it’s their time,” he explained.

It’s sure their time. With endorsement deals worth millions of naira, huge CD sales and regular concert dates that attract at least N1million per show, there is no doubting how much their talents are appreciated.

On similar pedestal with Tuface are P-Square, D’Banj, Olu Maintain, Ruggedman, Sound Sultan, Jazzman Olofin, Baba Dee, Paul Play, OJB Jezreel, Mode 9, Styl-Plus, Faze and Dare Art Alade.

Others in this category, described by Ayo Animashaun, publisher of Hip-Hop World, as “Class A” artistes, include Asa, Weird MC, Sasha, Lord of Ajasa, 9ice, Six Foot Plus, Wande Coal, X-Project, Eedrees Abdulkarim, Lambo Da Virus, Sauce Kid, Rooftop MCs, Tony Tetuila, Black Face, Zdon Paporella, Jeremiah Gyang, Trybesmen, Timaya, El Dee Da Don, Soul E, Kween and Djinee.

Paul Okoye, one half of P-Square, is one who knows the difference between then and now. “In those days, life was difficult. We never imagined that we would control the kind of finance we control right now. Life was stressful then to the extent that we even found it difficult to pay our school fees. But now, God has blessed us. We thank God,” he mused. There is so much to thank Him for: two monster hits, a string of concert dates and conspicuous spoils of affluence.

For Tuface, who literally opened the floodgate of success for a new generation of young musicians, the leap to stardom began about five years ago when he left Plantashun Boiz, a successful singing group. He has since released two albums, Face II Face and Grass II Grace. The first dominated the airwaves and earned him numerous awards and millions in sales. Face II Face, which reportedly broke the one million unit sales mark in its first month of release, featured the smash hit, African Queen, on the back of which he became the first African to win the Best African Act at the MTV Base Award in 2005, as well as the MOBO Awards the following year.

Advertisers like Guinness and MTN love his huge profile. The cameras love his smooth face, as evidenced by the Guinness Extra Smooth billboard campaign.

Other doors have also opened, including his song being featured as a soundtrack on Phat Girlz, an American film; international concert dates and an opportunity of a duet with the famous American R&B star, R.Kelly.

“I just recorded a song with R. Kelly, which will be part of my new album. I also did something recently with Chakademus and Pliers,” he said.

Before then, he had performed and recorded with luminaries like Wyclef Jean, Beenieman and Reggie Rockstone. Gbolahan Ogunleye, Tuface’s friend, said: “Such is the height the boy has attained. And it’s all due to hard work. Do you think it is easy to have your face on a billboard and you’re paid tens of millions of naira for it?” Indeed, TheNEWS gathered that the deal fetched the Benue-born crooner a cool N18m.

For Tuface, the good times are rolling. The artiste has turned the corner and is willing to help other artistes. He disclosed this during the launch of Hypertek Entertainment, his record label. “We intend to do a lot on artiste management. But, most importantly, we want to use the platform to fish out talented Nigerian youths. We intend to empower them, as well as provide them with opportunity to showcase their skills. That’s the only way to keep the industry relevant,” he said.

Zdon Paporella, another big gun, believes the industry must remain relevant. “The music industry in Nigeria has come of age and it’s doing very well now. Today, rappers are making money. Ruggedman is making money, Mode 9 is making, many others are making money from the industry. For instance, Mode 9 is the first among so many talented singers to get a huge endorsement from Globacom,” he said. He added that Tuface’s deal with Guinness made artistes realise that it was possible to earn over N20 million from a deal. “It caught like wild fire and going to London became the in thing. Then, when the corporate bodies like Nigerian Breweries started shows like Star Trek, Star Mega Jamz, we started hearing that artistes were getting N4 million, N5 million,” he gushed.

The duo of KC Presh is a major beneficiary of one of these shows. After winning the maiden edition of Star Quest, the pair instantly moved up the ladder. They each have a mansion in Lagos. They also own choice cars including a new model Toyota Camry.

Zdon explained that in terms of acceptability, airplay and sales, the likes of Timaya, P-Square, 9ice, Ruggedman, X-Project and Tuface are head and shoulders above the rest. Currently, he rates P-Square as the hottest number. “In the area of general acceptability right now, I would say it’s P-Square,” he said.

A visit to P-Square’s mansion at Omole Estate in Ojodu, Lagos, will douse the desire to challenge Zdon’s evaluation. Reportedly bought for N50 million, the lavishly furnished home is equipped with a modern recording studio, while its compound is infested with pricey autos including a Hummer Jeep.

P-Square, made up of twin brothers, Peter and Paul, also have a huge fan base outside Nigeria. They attribute their success to humility and a hunger to keep improving. “One of the factors behind our success is that we are humble. We also try to do better than what we have done before. We communicate with our fans. Getting to know what they want and what they don’t want is very important,” Paul said.

Since releasing Get Squared in 2005, P-Square have become a musical epidemic, spreading without restraint. Their commitment to quality was exhibited in Game Over, their latest work and the visual of Do Me, the hit track. It reportedly cost them N7 million to do just two luscious visuals in South Africa.

One of the visuals (Do Me), which Nigerians are already familiar with on their TVs,has been widely hailed as fantastic.

Yet they said it was just the beginning “People have seen the Do Me video, but I can tell you it is the least among all the videos we have in the Game Over album,” Peter said . P-Square has certainly enjoyed God’s favour. Since their debut, they have some prestigious awards and only narrowly missed the MOBO and the MTV Base awards. “We have won many local and international awards except the MOBO and MTV Base awards, but we are not worried,” Peter said.

And rightly too. Their latest album has already attracted five nominations in the 2008 edition of the Hip-Hop World Awards and four in the Sound City Video Awards. “And all these are because of Do Me. We are not talking about the remaining nine tracks yet,” P-Square boasted.

The boys claimed it is not possible for any marketer to bankroll their expensive videos, because they cannot be financed with proceeds from CD sales. Recently, P-Square, who are determined to remain on top, moved in an entire video crew from South Africa for the shooting of some videos in its current album. It cost the duo so much money, but they are unfazed. ‘‘We will do anything to please our fans,’’ they affirmed. Born Paul and Peter Okoye in Jos, Plateau State, P-Square initially preferred soccer. In Jos they played in the same Pepsi Academy team with Chelsea midfielder, John Obi Mikel. While Paul was goalkeeper, Peter was a right-sided midfielder. But they soon opted for music. The University of Abuja graduates remained in Abuja, where they honed their music skills. A year later, they moved to Lagos. Their debut was not a commercial success, but it earned them a nomination for a KORA Awards. Their second, Get Squared, reportedly sold over 10 million copies.

Game Over is regarded as more successful. Indeed, in only a few weeks it had outsold Tuface’s Grass To Grace album For the duo, the album has increased their popularity outside Nigeria. “Almost all our concerts come from abroad, and in each, we don’t have anything less than 30,000 people. Artistes of this generation are very hard working. Most of us now have recording studios,” Paul explained.

D’Banj and Don Jazzy, his producer, are on the same path, having just completed a multi-million naira recording studio in Lekki, Lagos. Christened Mo Hits Records, the label has in its stable D’Banj, Wande Coal and a host of other young talented artistes.

D’Banj, catapulted to superstardom by Koko and Why Me, is said to charge a minimum of N2 million per show and is making steady progress in endorsement deals, given his appeal across age and sex. For many, he is already a bigger star than the mercurial Tuface, thanks in part to his peerless stagecraft.

His bank balance, clearly, has not been hurt. He has a collection of BMW cars and a home of his own in Maryland, Lagos. He is reputed to live an immodestly opulent lifestyle, something that has provoked speculations–though denied–of involvement in internet scam. D’Banj, a former Winners’ Chapel chorister, said: “I am always very occupied with shows. You can imagine the millions I make from shows, and they come regularly. I also get endorsements worth several millions of naira.”

Wande Coal, who has just a single to his name, is a University of Lagos undergraduate who is already turning heads. He has gained tremendous exposure from performing with D’Banj. Wande plans to graduate before going headlong into music. Unlike Wande, D’Banj dropped out of the Lagos State University, to the chagrin of his parents, to travel to the United Kingdom. In the UK, he joined JJC and the ***** Squad.

Of that period, he said: “I was struggling to have an identity then. I did many shows for free and didn’t care, because I needed to carve my own niche.”

Eventually, he met Don Jazzy and the chemistry was perfect. A few years later, they both returned to Nigeria, where D’Banj dropped his hit single, The Koko, to public raptures. Mo Bo Lowo Won, the follow up, was also a hit.

In his brief stay on the Nigerian music scene, D’Banj has picked up almost all the awards available to musicians, the high point of which was the Award for the Best African Act at the second edition of the MTV European Music Awards in Germany.

Like D’Banj, Olu Maintain of Yahooze fame came to the big time as a solo artiste from a sojourn abroad. He had been part of Maintain, the successful 90s group before travelling abroad. He returned with Yahooze, the successful title track that has been criticised for promoting internet scam. The speculations were heightened by his allegedly dissolute lifestyle. After splashing on the purchase of a home, the youthful singer prefers to live in a hotel. He also parades a fleet of exotic automobiles, including a Sequia Jeep. Besides, Olu Maintain, who recently completed a tour of US and Europe, will also be investing in the Nigeria movie industry. The criticisms notwithstanding, Yahooze became a party anthem. The initial shooting of the video was said to have cost N2 million, but Olu Maintain was said to have been dissatisfied.

Sasha, a talented female rapper, is another hot number. The sexy rapper, who took about four years to release an album, First Lady, is a dancehall favourite. Adara, the hit track in the album, burned up numerous charts within weeks of its release. Sasha is living her new status as a star. She is reported to have recently acquired a Mercedes Benz ML 320 jeep in addition to her Toyota car. Born Yetunde Alabi about two decades ago, Sasha began her music career as a child in Ibadan. Though she hails from Osun State, she lives in Lagos with her mother. First Lady, Emilegan and Adara have continued to enjoy air play. Formerly a member of Trybesmen, Sasha quit because of a misunderstanding between two members that led to the break-up of the group. She is one of those nominated for recognition at the 2008 Hip-Hop World Awards, but she is yet to make the cut on the international scene.

Chibuzor Orji alias Faze is also an alumnus of the defunct Plantashun Boiz. Many fans had predicted that he would not go far when the Plantashun Boiz broke up. That musical obituary has proved meaningless. With just an album, Faze launched himself back into reckoning. True Story, a hit single, raced up the charts and hung there for months. Other songs like Kpokpo dikpo and Kolomental, his current work also ruled the airwaves for long spells.

Within a short while, Faze had become a hit. Awards, endorsements deals and shows came in torrents. The singer bought himself a house and a number of exotic cars. International recognition also came, including a duet with Akon, America-based Senegalese superstar. Faze’s music has been helped by his videos. For a long time, the video of his Kolomental was adjudged the best.

For Timi Imetimi, popularly known as Timaya, life has changed very rapidly within the last 10 months. When he released Timaya, his debut album, little did he notice the fortune hanging over his head. However, Timaya is currently one of the most famous artistes from the Niger-Delta.

Within less than a year of dropping his debut, he has bridged the gap between him and more established stars. Already, he has moved into his own building in Port Harcourt. The one-storey house is fitted with a recording studio. Timaya drives a Toyota Camry, a Toyota Spider and a rides a powerbike. He is said to charge about N1 million per show. “The only thing that may make him go for less is if he is playing for charity. For the past six months, he has been headlining many shows across the country,” said a source close to him.

Born in Odi, Bayelsa State, Timaya had it rough growing up. His musical career started on a shaky note, sleeping on bare floor for many nights while trying to put his album together. Eventually, Timaya got a breakthrough in Timaya. In the album, True Story, Dear Mama, Ogologoma and Timaya have enjoyed tremendous acceptance.

Michael Ugochukwu Stephen aka Ruggedman is an illustrious name on the local rap scene. He is credited with introducing the kind of US-style rapper/rapper animosity. His first target was Eedris Abdulkareem, whose talent he disparaged in Ehen. In the song, Ruggedman asked: “Na By Force To Rap?” He subsequently took on the group, Maintain, accusing them of dexterity only when doing covers of other people’s songs.

His cocky attitude may have drawn attention, but his ability was never in doubt, as evidenced by Peace or War, an album which was followed by the single Dancia Baraje. Within a short time, he became a fixture at shows and his new-found wealth got him a jeep in commemoration of his progress. He also launched a clothing line. On why Nigerian music has become exponentially appealing, Ruggedman said: “Our productions are tight now because we now have good producers. The quality of our videos has improved. The quality of production of our audios has also improved. A lot of people say I revolutionised the rap music industry. Yes. There are a lot of rap artistes in the country right now. But, there will always be boys and there will always be men,” he said cockily.

A divide may exist between the boys and the men of the rap music industry. However, Mode 9 falls on the side of the men. Born in England, Mode 9 claims he was influenced at a very tender age by Grandmaster Flash, an African-American rapper. He started rapping in school. “The essence was just to survive. Getting people to listen to you and not forget trying to get on big shows,” he recalled.

Today, Mode 9 has not only won three Channel O Awards, four Hip-Hop World Awards and two AMAA Awards, he has also earned himself a fat bank account. “I have a studio in my house. I have my own company called Mode 9 Production,” he said.

Beyond that, Mode 9 enjoys tremendous patronage even outside the country. “People like my stuff. I am surprised that you have people all over Africa who know me. Maybe because my stuff is on Channel O. Anytime I push out a record, I see it good. People buy my stuff all over Nigeria,” he revealed. Today, Mode 9 is easily Nigeria’s best hardcore rapper.

The story of Paul “Play” Dairo, who was accused of exploiting the song bank of his father, the late Isaiah Kehinde Dairo, is not different. His case was not helped by the release of Mo Sorire. But by the time he released Forever, the thinking changed.

Forever and Angel Of My Life went platinum. The year of release coincided with the expansion of the musician’s studio as well as the acquisition of a BMW 4×4. Paul is also a capable producer. He has worked on artistes like Ruff, Rugged and Raw and Omotola Jalade-Ekeinde.

In 2006, Paul Play won awards as an artiste and producer respectively. His fame soared and in adulation, he was almost raped by female undergraduates of the University of Lagos during a concert.

For the engineering graduate of the Yaba College of Technology, music is business.

Lanre Fasasi, known as Sound Sultan is also a musician of note. According to the musician and fashion designer, “my new year resolution is to make more money, climb greater heights and make U.S. connection. I also want to drop an album that’ll explode all around world.”

Sound Sultan, who debuted with Mathematics, is on the rise. Together with Dare “Baba Dee” Fasasi, his elder brother, Sound Sultan has enjoyed tremendous patronage both within and outside Nigeria.

Sound Sultan has invested in a recording studio and is working on upcoming artistes. He has also invested in a clothing line called Naija Ninja. And for him, there is no better way of spending money.

But Emmanuel “Soul E” Okose thinks there are better ways of doing that. Born in Lagos, Soul E studied Banking and Finance at the Lagos State Polytechnic. Along the line, Soul E and a group of boys formed the Soul Brothers. However, he left the group to release Niger Is Blessed, featuring Soul E Baba Dey Here.

He became the darling of show organisers and raked up a number of awards, including the 2007 Hip Hop World Revolution Award. Soul E has also earned enough money to buy himself cars and other property. His music videos have also been applauded for their quality. Yet he thinks he needs to expand his coast. “We are planning towards having some tours in Scotland, America and the U.K,” he said. He has also established a church.

Like Soul E, Kween Chinyere Onokala began singing in the church. Although born in Enugu and raised in Abeokuta, Ogun State, Kween graduated from the University of Abuja. She sang while at the university and got hired by some people shopping for a female singer. “They were looking for a female singer. I said I’ve got to take this and I was fortunate to get the job,” she recalled.

After debuting with Olurombi, a relatively unsuccessful album, Kween traveled to the United Kingdom. Upon her return last year, she released Jobele. The album was well received. Shortly afterwards, awards came tumbling in. “I was nominated in five categories at the Nigeria Music Media Award and I won best highlife video. The Hip-Hop World Award is coming up also and I was nominated as the best female performer (vocalist),” she added.

Beside the awards, her albums also raked in a handsome profit. So much so that the young woman decided to shoot the music video of Come With Me in London. Yet her strength lies in the ability to touch on people’s emotions. “I’m surprised the way Jebele has performed in the market. I never believed it could go that far,” she enthused.

TY Bello, one half of the Kush sisters, is also flying high in the music scene.

Sauce Kid, who is based in Los Angeles, California, is another aspiring big hitter. He reportedly expended about $100,000 on I Got That Street #$%$*, his latest album. Released in February 2007 by Obaino Music, San boribobo, one of the hit tracks, has consistently ruled the airwaves.

Even though Sauce Kid is yet to breakthrough the Nigerian music circle, he has done some remarkable works, some of which include a reprise of Mad Cobra’s Flex, which featured Riz-Riz. He has also done a duet with Mike Okri titled Omoge Wa Jo.

Born on 13 July 1984, Sauce Kid hopes to rule the Nigerian music scene someday. Like him, Olanrewaju “Lanbo Da Virus” Ayobamide, prefers to live in London and market his album in Nigeria. Da Virus is currently working on a movie with the likes of Talib Kweli, Rihanna, Jamelia and Lemar.

The latest addition to the hit factory is the X-Project. The group, which consists of Majeed Akinnoye, Aziz Mohammed and Salieu Sindi, are no doubt the rave of the moment. In their three-month-old album titled Sierra Naija, Lori le is the talk of the town. The album, which reportedly sold more than 300,000 copies in one month, has other hit tracks like Whatz Going On, Hustla, Share, Ready Momababo and Pump Da Riddim.

But Lorile remains the most frequently played. According to the group, “We knew we’ve got a winning number. But we never knew the radio and club Deejays would ignore all the other hit tracks on the album and overplay Lori le.”

For Black Face, building a musical empire is his greatest ambition. The member of the former Plantashun Boiz, reckoned that he is much popular outside the country. “I get calls from all over the world. For now, I want to build my empire, build my network and even have my own TV or radio programme,” he said.

Already he has begun setting up a recording studio known as Loud Entertainment Company.

A listing of successful Nigerian artistes without Dare Art Alade will not be complete. The newly-married crooner started singing at bars. While attending the University of Lagos, Dare doubled as a presenter on Cool FM. By the time he was selected to represent Nigeria in the first edition of Project Fame, a reality TV show for aspiring singers, Dare knew the time had come.

During that show, Dare put up a grand performance, but eventually won the third prize and a recording contract in South Africa. Not long after, Dare released Escalade, his first real album, and music charts were upset. The video of Escalade, which featured Olisa Adibua, famous radio presenter, was even adjudged the best at a time.

Today, Dare is in the league of musicians who will not attend shows for less than a million naira. Besides, the talented youngman boasts of some of the best awards the industry could offer.

Yet, the success recorded is as much a result of musicians’ abilities as it is of structures erected by producers, marketers and video directors.

In this group are Kenny Ogungbe and Dayo Adeneye of Kennis Music, OJB Jezreel, Don Jazzy, Cobhams Asuquo, Jude “Engees” Okoye, Nelson Brown and ID Cabasa.

Ogungbe and Adeneye, former radio presenters, sit astride Kennis Music, the biggest of the lot. The outfit has handled names like Eedris Abdulkarim, Eddie Remedy, Tony Tetuila, Tuface, Marvelous Benjy, Sound Sultan, Paul Play and a host of others.

The two men have done well for themselves, riding expensive autos and buying up choice properties. They have also won the lion’s share of awards for producers. Though Kennis Music has lost Tuface and Paul Play, Baba Dee, Marvelous Benji, Kenny Saint Brown and Essence are still with the label. Others are VIP, Mzbel and Sir Shina Peters.

In the past nine years, the company has organised regular three-in-one gigs during Easter. Last year’s edition was broadcast live on AIT and BEN TV in the UK. Through their PrimeTime Jamz on AIT, they have continued to sell Nigerian music at home and abroad.

But they are being run close by Don Jazzy of Mo Hits Records, to which D’Banj belongs. The 25-year-old master producer has reportedly just completed building his record company. Known to have a passion for flashy and expensive cars, diamond rings and red wine, Don Jazzy is gradually assembling his own artistes. He maintained that by the time he finishes work on his artistes, his record label would have become the biggest in the country.

Having picked up several awards for best producer, Don Jazzy believes Nigerian producers are hardworking, despite their harsh working conditions. Don Jazzy, who also produced one of Kween’s songs, was based in England. However, when he discovered D’Banj, both returned to Nigeria to hit it off. Since then, there has been no looking back.

OJB Jezreel and Paul Play, though relative lightweights, have produced some of the best songs. For instance, See Me So, a hit song in Tuface’s Grass II Grace album, was produced by OJB.

Similarly, Cobhams Asuquo, the blind producer has made his mark. For many artistes, there is almost no Nigerian hit music without Asuquo’s influence. Asuquo’s genius was rewarded several years back when he was given a Sony Music grant to visit London and work with international producers. Before the current crop, Nelson Brown was the big fish. He produced Plantashun Boiz, the hit album by Plantashun Boiz. But once the group split up, Brown’s influence on their works whittled.

His space was taken by producers like ID Cabassa and Engees. Engees, who handles P-Square, his bothers, has less problems with his subjects. As the elder brother, Engees does more than produce his brothers’ songs. He equally advises them and manages their financing. “I do virtually everything. It’s like nothing will work if I don’t do it myself,” he told TheNEWS.

So far, it is safe to conclude that everything is working for P-Square through Engees. But not so for Cabassa. Graduating from the University in 1999, Cabassa moved straight into music production the following year.

Though he had it rough initially, things began to look up for him a few years after. Today, Cabassa is reputed to have worked with some of Nigeria’s brightest artistes. Among them are Lord of Ajasa, 9ice, Ruggedman, 2-Shotz and Faze. Of all his works, there is no doubt that 9ice’s Gongo Aso and Ganja Man are two of the most frequently played songs.

Many observers trace the current development, especially the rendering of songs in local language and pidgin, to the early 1990s when Junior and Pretty began rapping in pidgin. Their success was modest, yielding hits like Bolanle and Monica. However, they never reaped financially. Then came Mani Eke. However, when Eedris Abdulkarim teamed up with Edward Ashiedu and Tony Tetuila to form the Remedies, the audience increased, especially with the release of Mi O Shako Mo.

Oluwamuyiwa Olajide Olofin aka Jazzman Olofin, a leading rapper/singer, has emphasised the need to overlay foreign rhythmic patterns with the indigenous.

“When you listen to my music you would understand that I am deeply traditional and truly love my cultural heritage,” he said. The multi-instrumentalist, who once shuttled between R& B and hip-hop, reggae, dancehall and other genres, added: “Now I am doing my own thing because R & B is not my culture and I am a true Naija man. No matter how I sing hip-hop, I can’t pronounce words like Sean Paul, Joe and R. Kelly. That is why my own is mixed with Yoruba language.’’

Buoyed by the success of Mi O Sha Ko Mo, the Remedies released other hit songs. These included Shade. Their progress resulted in a bandwagon effect, as hip-hop and rhythm and blues groups sprouted rapidly. Plantashun Boiz and Oxygen came onto the scene and the competition increased.

Zdon reckons that the industry is better for it. “You could say that the Nigerian music industry is expanding by the day, every single second. Some years back, rappers actually couldn’t get endorsements because most people would not give an average rapper a chance. Today, however, the story has gone the other way round.

“Yet the situation could be better if only the artistes’ rights are protected,” he said. Zdon highlighted some of the problems affecting an artiste as piracy, cheating by marketers, radio and television stations’ refusal to pay royalties among other things. “Because that’s where we are sure of getting recognition, it will be very unrealistic for you to tell radio stations to pay every artiste each time they play his songs. But you can have them pay a certain amount of money, say periodically. The issue of piracy too cannot be totally wiped out except the government is called upon to intervene,” Zdon added.

Hip-Hop World publisher, Animashaun, agrees with Zdon. “The Performing Musicians Employers Association of Nigeria, PMEAN, and other bodies responsible for protecting artistes’ intellectual properties should be active in their regulatory roles. Marketers too should be sincere when buying marketing rights from artistes,” he concluded.

pappy

March 15th, 2008, 11:02 AM

Etisalat Unveils Mobile Phone Network in Nigeria

IBADAN, Nigeria -(Dow Jones)- Etisalat, Nigeria's fifth mobile phone company, has unveiled its new network.

Hakeem Bello-Osagie, chairman of Emerging Markets Telecommunications Services, or EMTS, owners of the license operated by Etisalat, said at the ceremony Friday that Etisalat is expected to use a marketing strategy of reduced tariffs to take market share from established operators in Nigeria.

EMTS, a Nigerian firm, entered into partnership with Mubadala Development Co. of the United Arab Emirates following Mubadala`s acquisition of a Unified Access License that includes a mobile phone license from the Nigerian government in January 2007 for $400 million. Etisalat has acquired a 40% stake in EMTS and operates the license in Nigeria.

Saoud Al Shamsi, Etisalat`s chief executive officer, said the company has built a network that spans the Middle East, Africa and Asia.

Nigeria has more than 40 million mobile phone subscribers. Operators include MTN, Globacom, Celtel and Visafone.

pappy

March 16th, 2008, 12:07 AM

now this would be fantastic it if happened

Yes it would but not now though.

Michaelda

March 16th, 2008, 02:46 AM

Yes it would but not now though.

why not now

Matthias Offodile

March 16th, 2008, 09:17 PM

Nigeria looks to solve power crisis

By Matthew Green in Lagos

http://media.ft.com/cms/6f68385c-882a-11da-a25e-0000779e2340.gif

Published: March 13 2008 22:05 | Last updated: March 13 2008 22:05

Umaru Yar’Adua, Nigerian president, wants to raise $20bn from energy companies to invest in harnessing gas reserves to solve the country’s chronic power crisis.

Nigeria is an increasingly important supplier of liquefied natural gas – gas cooled into liquid for easier shipping – to growing markets in the US, Asia and Europe. But a new policy, seen by the Financial Times, calls for “unequivocal” action to “prioritise domestic gas supplies over export”.

A senior Nigerian official said the government might require producers to set aside as much as 25-30 per cent of gas to use in Nigeria, where power cuts were perhaps the biggest barrier to faster economic growth.

The plan follows moves by big producers Russia and Indonesia to divert gas away from exports to boost their domestic economies, raising concerns over supplies to tight global LNG markets.

But Nigerian officials and executives at Western energy companies both downplay the risk to exports, saying Nigeria’s reserves – the seventh largest in the world – are big enough to satisfy both local and domestic demand.

“We are going to develop domestic usage of gas without detriment to export,” the Nigerian official said. “The policy does not say that we’re going to starve LNG [clients] of gas.”

The key to the new policy, part of a wider overhaul of the energy sector launched by Mr Yar’Adua after he came to power last May, is encouraging investment to increase the overall amount of gas available.

Western oil companies have traditionally focused on oil production during Nigeria’s 50-year history of energy exploration. But growing global demand has spurred faster development of gas in the past decade.

Royal Dutch Shell, Total and Eni hold stakes in the sole existing LNG export terminal. Chevron and ConocoPhillips are considering similar plans. A West Africa pipeline is due to start exporting gas to the region within months, while there is talk of a Trans-Sahara pipeline to link Nigeria to export terminals on Algeria’s Mediterranean coast.

But in spite of the growing interest, five times more of Nigeria’s gas is still “flared” as waste during crude extraction than is used for domestic power generation.

Part of the problem is that Nigeria has failed to provide a fiscal framework where investment in domestic gas usage would be anything like as profitable as the much more lucrative business of exporting LNG.

Mr Yar’Adua’s policy – which has yet to be voted into law – aims to sweeten Nigeria’s appeal by doubling the aggregate price producers are paid for gas locally to $1/mcf by 2009. Gas exported as LNG fetches more than $2/mcf.

Many in the industry are sceptical, questioning how big domestic gas projects will make money given the security, technical and cost constraints of operating in Nigeria.

Mr Yar’Adua is banking on attracting new participants more willing to take on risk than established majors, hoping to capitalise on the increasing importance of Nigeria’s gas in the competition for global energy security.

The policy says it aims to reduce the “stronghold” of the incumbent Western majors on Nigeria’s “vital strategic infrastructure”.

Gazprom, the Russian energy giant, has offered to invest heavily in domestic gas-gathering in Nigeria, keen to secure a foothold in reserves strategically located near European and US markets. Western companies such as Eon, the Germany utility, and UK-based BG Group and Centrica are also keen to expand in Nigeria.

Energy consultants say more modest gas-gathering schemes, where companies supply power stations near particular oil and gas reserves, may be more feasible than the kind of mega-projects envisaged by the government.

Copyright The Financial Times Limited 2008

Michaelda

March 16th, 2008, 11:12 PM

i hope they are looking at local companies too and not just the russians. but its a good plan. donald duke had an even better, tho radical, plan that called for giving away the oil being flared as a credit t businesses for a number of years to allow them to get a major boost and catch up with their competitors

pappy

March 17th, 2008, 05:27 AM

Nigeria looks to solve power crisis

Whatever. I'll believe it when I see it.

Tbite

March 17th, 2008, 09:47 AM

I think it will be this time around.

The power probe and everything has shed some light on the misappropriated funds by the last administration.

Yar'Adua seems to be more legit.

You are to blame

March 17th, 2008, 11:29 AM

Nigeria: Lagos Set to Begin BRT System
Leadership (Abuja)

15 March 2008

George Okojie

The Lagos State government has maintained that it is set to commence the operation of it Bus Rapid Transit (BRT) system in the state to decongest the perennial traffic situation in the state.

Speaking to newsmen in Lagos yesterday, the special adviser on Transportation to the Lagos State Governor Babatunde Fashola, Hon Kayode Opeifa, said the BRT scheme was a more reliable and affordable transportation system in a highly populated metropolitan state like Lagos , adding that the scheme would take-off in the state by Monday next week.

According to him," We have trained and equipped over 400 personnel of the Lagos Traffic Management Authority(LASTMA) that would man the BRT corridor and enforce compliance by keeping the route free of any vehicular obstruction".

To this end, he said trading or hawking of wares along the BRT corridors is highly prohibited, adding that the sidewalks should be free at all times for the buses to operate smoothly.

" Let me add that anyone who fails to comply with any of the provisions of this regulation commits an offence and is liable on conviction to imprisonment for one month of a fine of N20,000(twenty thousand naira or both)" he said.

Opeifa, who was flanked by stakeholders of the scheme counselled commercial drivers popularly known as 'Danfo drivers' who might be bent on frustrating the scheme to desist from picking and dropping passengers on undesignated parks and bus stops, or face the wrath of the law.

Also speaking, the managing director of the Lagos State Metropolitan Area Transport Authority(LAMATA),Dr Dayo Mobereola said his agency had provided the required infrastructure even on federal roads for the scheme to take off properly.

pappy

March 17th, 2008, 06:13 PM

I think it will be this time around.

The power probe and everything has shed some light on the misappropriated funds by the last administration.

Yar'Adua seems to be more legit.

Yea, that's what it seems like but like I said I'll believe it when I see it.

Matthias Offodile

March 17th, 2008, 11:09 PM

Yea, that's what it seems like but like I said I'll believe it when I see it.

Me, too!

pappy

March 18th, 2008, 06:19 AM

Nigeria: Edo to Partner Zimbabwean Farmers

Gabriel Enogholase
Lagos

Edo State Government at the weekend said that it has held talks with White Zimbabwean farmers on the possibility of establishing large commercial farms in the state.

Currently Zimbabwean farmers are in Kwara State where they have established mechanised farms.

Special Adviser to the Edo State Governor on Farm Development, Ms. Uwa Osunbor, who disclosed this in Benin said that representatives of the Zimbabwean farmers had already inspected sites in three local govenment areas in the northern part of the state, adding that each farmer would require about a thousand hectares, saying that the arrangement would be comprehensive, giving room for farming processing and export, adding that, "We have the land and the climate. Since they are willing to come ,'why not'. We went to three local governments where the chairmen were ready and willing to accept them."

Ms. Osunbor disclosed that Etsako West, Etsako Central where the farmers visited would be suitable for rice farming just as Uhunmwode and Uromi would be a good place for pineapple and oranges.

She, however, said that the farmers would not just be let in to make their profit and go away. "They will teach new technologies to our farmers; how to apply fertiliser and more."

The special adviser allayed fears that the farmers would take away the farmlands from the indigenous owners, saying, "It is the indigenous people that will benefit. Most of the land is wasting away. We have over 200,000 hectares of land wasting away," even as she indicated that some American farmers were soon to come for inspection.

pappy

March 18th, 2008, 06:57 AM

Kingsley Ogoro, French Embassy’s Deal For Quality Movies

One of the problems plaguing Nollywood films, which everybody seems to agree with, is technical depth. Most stakeholders agree that less attention is being paid to sound quality, a key technical aspect of filmmaking, than to picture quality.

Terh Agbedeh looks at the efforts of filmmaker, Kingsley Ogoro, and the French Embassy to improve the quality of Nollywwod movies through good sound production

The need for good sound output in movies is imperative, because between a close and a wide shot, there is usually a difference in the sound the viewer gets, a situation which laymen and experts have taken seriously. Among other things, bad sound output has also placed Nollywood films at the rock bottom level, far behind America’s Hollywood and India’s Bollywood.

To assist Nollywood, therefore, Kingsley Ogoro Productions and the French Embassy came together in a partnership that saw some of Nollywood’s sound operators learn some old and new tricks of the trade during a week-long sound workshop in Lagos, that took place from January 4 to 8, 2008. The Chief Executive Officer of Kingsley Ogoro Productions, Mr. Kingsley Ogoro, said the time had come to begin a systematic training for the core technical aspects of movie-making that have so far been neglected by practitioners. He said sound, as an integral part of movie-making, had been sidelined and that the result has been a disastrous one that had worked negatively against Nigeria’s film industry. Ogoro, therefore, insisted that there was no short-cut to improving sound quality in Nigerian movies than doing what is right, which is getting the right training for the operators in the sound section of movie-making.

"As creative people, our mission is to raise the stakes as much as possible," Ogoro stated at the seminar venue in Surulere, Lagos. "We are aspiring to be the best. Today, Nollywood is changing the face of Nigeria, creating a positive image for the nation; so we need to make it perfect, to be something we can all call our own. We know that Nigerians are talented, but they need to be trained, to get the best out of them, which is what this workshop is all about. We have gained so much from the industry; so we need to give back to it as well. We need to train people to reach areas we couldn’t get to."

For the French Embassy, helping to develop and diversify indigenous cultures of people round the world has become a passion as enshrined in the United Nations Education, Scientific and Cultural Organisation (UNESCO) charter. This is so, as not to allow mega cultures of the West swallow up smaller cultures of less-developed countries.

To this end, the chief facilitator of the workshop and the embassy’s audiovisual attache’, Mr. Robert Minangoy, disclosed that sound training for Nollywood practitioners had become imperative so as to help the industry achieve its projected greatness. He stated that Nigeria had become synonymous with Nollywood, and for the industry’s uniqueness to be realised, all its sub-sectors must be made to reflect standard practices at the international scene, adding that it was only through this way that Nollywood’s place at the world scene could be guaranteed.

"One noticeable weakness of Nollywood is that of sound," he said. "Nollywood needs help to make its sound good. Nigeria is a country known because of Nollywood; it is a very brilliant aspect of Nigeria that needs to be strengthened. We have to be conscious of the fact that sound is an aspect of the movie. How do you get a good sound when you want to shoot a movie? That is the purpose of this workshop."

Participants were exposed to the latest techniques in sound management during a production process, for the viewer to enjoy value for money; how to maximise the production process sound-wise so as to remove all sound distortions that irritate viewers. Also, the workshop was planned to be an experimental and interactive as well as a practical one where experiences would be shared both from the trainer and the trainees, based on peculiar environmental experiences.

The trainer, Mr. Vincent Hazarol, an experienced sound technician who trained both in France and the United Kingdom (UK), and had worked both in the UK film scene and in Hollywood, stated that sound was the last thing filmmakers usually worry about while producing. He opined that this was always a problem because little attention was attached to sound, even as it ended up rubbishing an otherwise good production process. This development, he disclosed, was wrong because it usually created problems at the end. He added that emerging film industries like Nollywood could not afford the heavy cost associated with post-production sound in the studio as done in Hollywood. Therefore, it was imperative to get sound right from start by applying manageable techniques available to the filmmaker.

To achieve this, the workshop participants were asked to make short films as experiment to gauge their levels of improvement. A small number of participants were drawn from different production houses for the workshop, including TV houses.

This number, Ogoro revealed, would act as the catalyst that would transfer knowledge gained to others. He affirmed that for Nollywood to compete favourably with Hollywood and Bollywood, certain technical aspects like sound had to be addressed. He was particularly grateful to the French Embassy for the support in such an important and sensitive aspect of filmmaking and urged Nigerian corporate bodies to join hands in supporting Nollywood to achieve greatness.

Popular actor and sound producer, Segun Arinze, was ecstatic about the workshop for which he was a participant, insisting that one of the perennial problems of the industry was, at last, being tackled head-on. He commended the French Embassy for the bold initiative, as Nigerians had the opportunity to learn new techniques in sound production to enhance their audiovisual work.

Chike Ibekwe, the producer of yet-to-be released film, Eternal with a 40,000 Euros grant sourced from the French Embassy, was also happy that the sound problem was finally receiving serious attention, as he was enthusiastic that Nollywood would be the biggest beneficiary.

"Now it is clear we are beginning to pay attention to sound," he said at the workshop venue. "If well-utilised and implemented, it would help good sound output in the industry. It’s sad that nobody pays attention to sound like we do to picture, whereas sound is as important as picture to the filmmaking process."

Kano-based filmmaker, Auwal Kabir Indabawa, said the workshop was long overdue, but timely nonetheless to correct defects in motion picture practice in the country.

"We are on the right track," he stated. "We needed this workshop desperately. Sound is critical in movie-making; its absence is more noticeable in Nigerian movies. At the end of the workshop, we hope to correct the problems associated with sound, which we have neglected for so long."

For Indabawa, most practitioners do not know how to deal with the problems associated with sound in their films, while others simply do not have the equipment needed to deal with such problems.

By this workshop, which many see as long overdue, Nollywood may already have begun to take steps to correct some of the anomalies that have bedevilled it since inception. Training and retraining are component aspects of our fast-developing world and its ever-changing technology. Nollywood cannot be an exception to the norm.

Like Ogoro said, Nollywood has infested the world with Nigeria’s peculiar slangs and local flavours and mannerisms. To drive this new Nigerian cultural awareness further, the industry must embrace those indices that would position it for greatness. The workshop was seen as a veritable starting point.

You are to blame

March 18th, 2008, 07:28 AM

Nigeria: Country's Non-Oil Export Hits $1.38bn in 2007

This Day (Lagos)

16 March 2008
Posted to the web 17 March 2008

Crusoe Osagie
Lagos

The Federal Government yesterday, put the value of non-oil export from Nigeria in 2007 at about $1.38 billion, up from the $751.5 million announced by the Central Bank of Nigeria in 2006.

The $628.4 million increase represents about 45.5 Per cent growth in the nation's income from non-oil products.

Minister of Commerce and Industry, Charles Ugwuh, who disclosed the figure in Lagos, said the increase in value of non-oil export was an indication that the economy was on the right track, adding that it was to sustain the momentum of this growth in the non-oil sector that his ministry refused to endorse the European Union/Africa Caribbean and Pacific Economic Partnership Agreement (EPA).

He said signing into EPA would have in a few years, eaten deep into steady growth that is now being witnessed in the non-oil sector in the country. "The EPA is a contentious issue, but we must understand the logic of what government is doing. We have between 35 and 40 per cent cost handicap as a result of our poor infrastructure, so it we throw our boarders open to all sorts of European goods like EPA demands, our industry would be killed. So this is why Nigeria is careful in dealing with the issue.

"Our non-oil export figure now stands at about $1.38 billion in 2007. In 2001, the figure was around $240 million. Now we have tried to increase this figure to almost $1.4 billion and all this revenue is at stake if we endorse the EPA. Whereas the cost of not signing into the EPA is in the region of $100 million and $200 million," Ugwuh said.

He said the present administration is not just seeking any kind of investment from the international investment community, but is in search of investments in strategic sectors such as petro-chemical. The Gulf of Guinea will be the major supplier of hydro-carbons and so, if we have petro-chemical plants, Urea plants and other fertilizer plants, we would be able to get into the international market not just with our primary product, petroleum, but with value added petro-chemical products. If we sell a tonne of unrefined petroleum, we probably earn about $200, but when we add value to that one tonne of petroleum, we can earn as high as $800 and $1,600 depending on the amount of value added," he said.

iluvnaija

March 18th, 2008, 11:45 AM

Akwa Ibom, foreign firm to build $5.2b port

THE Akwa Ibom government has concluded plans with a foreign firm, Dersko Marine Group, to construct a $5.2 billion (N600 billion) deep water port.

The project, to be implemented in phases, would comprise a vessel building yard, dry dock facility and allied marine facilities.

The state government officials and Dersko management visited the project site in Onna Local Government Area at the weekend.

The visit was to enable them to inspect the site and also evaluate the level of dredging required for the project.

Already, 24,000 hectares had been released at the coastline by the state government for the project, while site development plan and environmental impact assessment have commenced.

After the inspection, Dr Weizman Atumubaghan, Dersko Managing Director, told the News Agency of Nigeria (NAN) that the project would be executed on a Private Public Partnership (PPP) arrangement.

The PPP, according to him, will involve the Akwa Ibom government, Dersko and a consortium of foreign firms from Singapore, U.S. , South Korea and Japan.

The project, Atumubaghan said, would engender the creation of 16,000 jobs during the first phase, which would commence in December.

He explained that the port would have two terminals with capacity to handle 15 million tonnes of general cargo a year.

He said with the facility in place, special vessels for oil and gas exploration and production would be built in Nigeria.

"It will also provide multimodal marine transport channel to integrate into the existing transportation network," he added.

Tbite

March 18th, 2008, 01:47 PM

Rivers, First Bank partner on N50b Rainbow Town project

SIX years after bulldozers demolished the popular Rainbow Town settlement in Port Harcourt, the Rivers State government in partnership with First Bank Plc has commenced the reconstruction of a new Rainbow Town Housing Estate, valued at N50 billion.

The new housing estate will comprise 17 high-rise offices and residential buildings, in 705 building units spread across 24 hectares of land. The bank has said it would provide mortgage services for Rivers ciitizens interested in acquiring the houses on completion.

The Rivers State Governor, Chibuike Amaechi, while laying the foundation stone for the new housing project, said the project was the first to be kick-started under his administration's public-private partnership initiative designed to accelerate the pace of development in the state.

Amaechi explained that the Rivers government's contribution into the project was the value of its land. He said an agreement had been reached with the Silverbird Group for the construction of a modern Conference Centre, a park, a five-star hotel, shopping mall and other associated infrastructure.

The governor said the houses to be built by First Bank would be designed for the wealthy in society, while the state government is making arrangements to build houses for low-income earners.

Amaechi urged the bank to ensure that Rivers indigenes are given the first opportunity to participate in the process to own houses in the scheme, before consideration is given to others from outside the state.

He charged the bank to ensure early completion of the project because the rains are about to start, adding that if the developers perform well, the state government would consider engaging in other businesses with them.

The Executive Director, South of First Bank Plc, Mr Alex Oti who represented the Managing Director, Mr Jacobs Jekigbe, said his organisation realises the importance of Rainbow Town to the state government and was prepared to transform the area with the new houses.

Secretary to the Rivers State Government, Magnus Abe, said the event was the celebration of a vision that would enhance the growth of the state particularly in partnering with the private sector.

Abe lauded the state governor for the vision and determination to replace the Rainbow Town shanties with modern houses, while commending the bank for ensuring that the partnership takes off.

Former Rivers State Governor, Peter Odili's administration had demolished the shanties in Rainbow Town in 2002 and promised to replace them with modern houses. The failure to actualise this triggered off speculation that the administration had allocated the land to mostly government officials and their cronies.

The Rivers State Government in 2005 denied the allegation that its failure to develop the Rainbow Town was due to the allocation of the land to some top government functionaries. The state said the proposals it received from private developers for the construction a new Rainbow Town were mainly for house types that most Rivers indigenes could not be able to afford. So, it could not reach an agreement with the private developers.

Matthias Offodile

March 19th, 2008, 01:27 PM

Silverbird Group is a well-run and professional local company, I am looking forward to their project in Abuja.:cheers: I am a greate admiror of the company , too. When they say something, it won´t be a pipedream! They simply go for it...

Matthias Offodile

March 19th, 2008, 01:29 PM

Silverbird Group is a well-run and professional local company, I am looking forward to their project in Port Harcourt.:cheers: I am a greate admiror of the company , too. When they say something, it won´t be a pipedream! They simply go for it...

Matthias Offodile

March 19th, 2008, 01:39 PM

Kano targets urban renewal with N7bn

18 March, 2008 01:00:00 ADEOLA AJAKAIYE

The amount would be used to upgrade facilities at Kano central business district, as well as comprehensive design and construction of six major roads within the metropolis.
According to information available to City Scope, the urban renewal programme would be financed solely by the state government.
Commissioner for commerce, Ibrahim Yakasai said the programme would cover places like State road to Kofar-Nassarawa round-about by Fagge Friday Mosque, Muhammadu Abdullahi Wase road, via MMSH to Kofar-Kabuga.
Other roads include, Zoo road Dangi Pharmacy Rounda-bout to Shargari quarters road junction by Gidan Zoo, Karkasara to Darmanawa to Naibawa /Zaria junction, Club road, Sharada road, Dan` Agundi junction to Madobi-Panshekara round-about.
The programme, he explained would involve the design and construction of dual carriageway and would incorporate efficient drainage system.
"The road project will entail provision of walkways, street lighting and pedestrian crossing at strategic places in addition to the provision of service ducts at convenient points for the use of service providers.
Waste collection and disposal point, bus stops and levees, neighborhood shopping points, parking lots,cafeteria and snack bars and public convenience would be provided along the roads to be constructed," he said.
The commissioner explained that the urban renewal programme when actualised would go a long way in boosting socio-economic activities in the state. He appealed to the residents to give their fullest support so as to ensure the realisation of the programme.

Matthias Offodile

March 19th, 2008, 01:45 PM

High Oil Price: External Reserves Hit $59.88b

By Oluyinka Akintunde, Asst. Business Editor, Abuja
Tue, 18 Mar 2008 00:00:00

Nigeria ’s gross external reserves edged for the first time towards the $60 billion mark on the back of a high oil price in the international market.
External reserves enable a country to absorb external shocks, improve its creditworthiness in international markets, and service its foreign currency liabilities and debt obligations.
The Central Bank of Nigeria (CBN), which confirmed this on Monday in Abuja , said the external reserves stood at $59.883 billion during the period.
This represents 5.99 per cent of China ’s over $1 trillion reserves and a growth of 1,009 per cent over the level of US$5.4 billion in 1999.
Daily Independent gathered that the Excess Crude Proceeds accounted for about $14 billion of the current external reserves.
The current level of reserves of $59.883 billion was buoyed by the high oil price.
The CBN had in 2006 named 14 global fund managers and their local partners to manage the nation’s external reserves.
The CBN and most of the Nigerian banks have signed agreements with the various foreign financial institutions to manage a portion of the reserves.†
The Managing Director and Chief Executive Officer of Oceanic Bank, Mrs. Cecilia Ibru, who confirmed the agreement at the Bankers’ Committee meeting, said all the procedures regarding the management of the reserves had been completed.
“All the legal agreement between the banks and their foreign partners have been duly signed and finalised. We are at the end of the preparation. Now all the benefits that we set up when the reserve fund agreements were being signed, we shall soon begin to reap them in terms of capacity expansion and from the CBN point of view, the increased returns in the way the funds are allowed to be managed,” she said.
The CBN had during the 18-month banking consolidation exercise, which ended December 31, 2005 , promised to apportion $500 million of the nation’s foreign reserves to be managed by the recapitalised banks.

pappy

March 19th, 2008, 04:34 PM

Nigeria: Lagos Shops for N94.4 B for Rail Project

The Lagos State government is shopping for N94.4 billion ($787 million) for the construction and development of a rail transportation system in the state.

Governor Babatunde Fashola, who disclosed this in Lagos yesterday, said the state wanted investors to provide the funds for the rail system and reap huge revenue annually in return. Fashola said studies revealed that if N94.4 billion was invested in the rail transportation system in the state, the investors would rake in a projected annual revenue of N48 billion ($400 million).

The governor also said if investors would commit N12 billion ($100 million) in the development of the Bus Rapid Transit (BRT) system, they would go home yearly with N6 billion ($50 million). "In the area of water transportation, the four routes we have earmarked for commencement of operations have a capacity to transport 37 million people annually with projected yearly revenue of N4.4 billion ($37 million).

"Investment in transportation infrastructure, no doubt, is huge, but returns on investment is also very attractive.

"The public transportation sector of Lagos State is thus an investors' haven which we urge domestic and foreign investors to take maximum advantage," he stated.

sammyjay77

March 20th, 2008, 12:30 PM

Banks’ Balance Sheet Hits N10tr, Says Soludo

The total balance sheet of the Nigeria banking industry rose from N2.7 trillion in 2003 to N10.43 trillion by last December.
This, according to the Governor of Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo, represents about 400 per cent increase.
The governor, who made these known Tuesday night in Abeokuta, Ogun State, said the industry's aggregate deposit portfolio also stood at N5.4 trillion by December 2007 as against N1.3 trillion prior to the consolidation programme of the banking industry in 2003.
He said the aggregate banking credit to the domestic economy grew from N1.9 trillion in 2003 to N4.5 trillion in 2007.
Soludo, who was the guest lecturer at the 14th convocation ceremony of the University of Agriculture, Abeokuta (UNA-AB), spoke on "The Unfinished Business with the Banking Revolution in Nigeria".
The CBN Governor said from a total shareholders' fund of N293 billion for all the 89 banks in 2003, which was ill-suited for the task of growing the economy at a speed required to catch up with the rest of the world, had inched up to almost N2 trillion last year.
He described the N293 billion pre-consolidation shareholders' fund as the size of the fourth largest bank in South Africa, a situation which he said made it difficult for three banks to finance a N40 billion project way back then.
By the end of March 2008, he said 11 Nigerian banks would each have a shareholders' fund of over $1 billion, and described the development as a positive one for the Nigerian economy.
The CBN boss said the consolidation programme had changed the banking landscape for the better as the total number of bank branches stood at 4,579 as at the end of 2007 as against 3,243 in 2003.
He added that the banking industry currently employs 62,000 workers.
On the benefits of the reforms in the industry, he said Nigeria now had well capitalised, strong and corporate governance compliant banks.
He said the reforms had strengthened banks' risk management systems leading to a reduction in total non-performing loans to 8.44 per cent in 2007 from 21.96 per cent in 2003.
Besides, he said Nigerian banks had presence (subsidiaries) in 16 African countries and six branches outside Africa.
Soludo also disclosed that the banking sector accounted for 60 per cent of the total capitalisation of the Nigeria Stock Exchange (NSE)as against 30 per cent in 2003. He put the capitalisation of the NSE at the moment at N12.4 trillion (over $100 billion).
On the micro finance scheme, he said 716 micro finance banks had been licensed to operate, while many more are in different stages of being granted approval.
He listed the unfinished business in the sector to include ensuring monetary and price stability, reform of the payment system, deepening of the financial sector, banking supervision issues, strengthening of the mint, supply of skilled manpower for the industry, and mainstreaming of finance for the poor.

allhavoc

March 21st, 2008, 04:41 PM

21/03/2008 05:12 SHONGA, Nigeria, March 21 (AFP)
New lives in Nigeria, hearts back home: Zimbabwe's white farmers

The white farmers who settled in Nigeria after losing their livelihoods in Zimbabwe's controversial land reforms still have their hearts set on going back home one day.

"If we could get a stable government, I don't mind whether it is a (ruling) ZANU-PF or (opposition) MDC government -- what we are interested in is a good, non-corrupt, unselfish government -- we will all go back," said Graham Hatty.

Zimbabwe holds presidential elections on March 29, the first since a group of nearly 30 of the 4,000-odd commercial farmers forcibly evicted from their land, moved to this vast west African economic powerhouse.

The vote, in which 84-year-old leader Robert Mugabe is seeking a sixth five-year term in office, will take place amid an unprecedented crisis in what was once a model of economic prosperity and democracy for the whole continent.

He squares off against his ex-finance minister Simba Makoni and opposition leader Morgan Tsvangirai.

Once a net agricultural exporter, Zimbabwe is currently reeling under food shortages, while the economy buckles under a mindboggling annual inflation rate of 100,000-plus percent.

Both unemployment and poverty rates hover above 80 percent and at least a quarter of the population has fled misery to seek economic refuge elsewhere.

In Nigeria, the farmers are still bitter at the way the country has been run into the ground since the Mugabe launched the scheme in 2000 to take land from whites and turn it over to landless blacks.

"It's a tragedy, it's the same as genocide. They did not go about randomly shooting people, but millions of people have had their future taken away from them," said Hatty's wife Judy, on their 1,000-hectare cassava farm in Shonga, Kwara state, some 400 kilometres northwest of Nigeria's economic capital Lagos.

On a personal level they are relieved at the chance to pursue their careers, but say they are sad at not being able to produce for their own country.

"But we are excited to be here, it's been a life saver giving us something to do at our age after we had lost everything we ever had," said Hatty, 69.

"I am just grateful for what I have," said Hatty's neighbour Pete du Toit, a poultry farmer who is setting up a 10,000-bird-a-day abattoir.

"Zimbabwe is still home, always will be, but I want this project set up and running and (then I) will go back home. I am going to do my best for west Africa," said du Toit, who farmed in Zimbabwe for 25 years.

"We miss Zimbabwe, that is our home and when we retire we will go back home," said dairy farmer Dan Swart.

"We will get our farms back and put managers there ... and produce food again," he said. "It's depressing, there is no agriculture at home, it's a disaster."

Critics blame Zimbabwe's food shortages and economic crisis primarily on government mismanagement.

But Mugabe says successive drought seasons are responsible for the food crisis while he blames the economic mess on Western-backed sanctions slapped on him and his aides for allegedly rigging his re-election in 2002.

Possible stumbling blocks for those wishing to return include the commitment and investment already undertaken in Nigeria, as well as the massive re-injection of capital that will be required to restart business in Zimbabwe.

"It took us 41 years to build it and it was gone in 41 days," said Hatty, holding back tears.

Many have vainly sought legal recourse to stop the loss of their farms, but only one case has got as far as a southern African regional tribunal. Fewer than 400 white farmers remain in Zimbabwe.

Nigeria invited the farmers to set up shop in April 2005, five years after Zimbabwe's land reforms. Three years down the line, the Kwara project is shaping up as an economic success story.

Hundreds of hectares are planted with the staple cassava plants while an on-site state-of-the-art dairy processing plant and a poultry abattoir are set to be operational within months.

Nigerian authorities have given them five years to be fully operational.

But delays in securing long-term loans in a country previously perceived as high-risk due to decades of political uncertainty and military rule, has slowed down the pace.

"There is a bit of frustration, but we are happy with the progress given the circumstances," said Olayinka Aje, the Kwara state governor's special assistant on the project.

But "the future looks bright, and bags (of grain) are coming in," he added.

The one million residents of Shonga, initially apprehensive when some 400 families were relocated to make way for the venture, say the scheme is starting to bear fruits.

"Huge numbers of people have been employed... sooner or later we may need to import workers from other regions," said Idris Mohammed, a local community leader of this district of about one million residents.

Said a farm worker who identified himself as Ndako: "Shonga has been put on the world map, families have salaries and can send children to school. Food prices have come down because of abundant supplies."

The farmers say their aim is to help make Nigeria, Africa's most populous nation which imports roughly three billion dollars worth of food annually for its 140 million people, self sufficient in food production.

The Zimbabweans (sic) have been a blessing for Nigeria

adebayoa

March 21st, 2008, 07:35 PM

I must say it has been a great blessing. I heard that more state governments are following the Kwara State example.

Michaelda

March 21st, 2008, 08:31 PM

The Zimbabweans (sic) have been a blessing for Nigeria

no they havent. they have farmed as well as any farmer given $500k in loans and grants would do on the most fertile land in the country. i dont see any other states following that example. th best thing would be the empower the locals with that money. but then again this was under obasanjo, so maybe the future decision makers iwll be better

Matthias Offodile

March 21st, 2008, 11:16 PM

New lives in Nigeria, hearts back home: Zimbabwe's white farmers

This has been a great move by Obasanjo one among many others. He didn´t look at the colour of the skin (like 99% of all other African presidents) but simply at expertise and whyt these people could bring to Nigeria, it seems to have paid off and will have a trickle down effect on the other states in terms of agriculture, too!

Nixoderm

March 22nd, 2008, 02:26 AM

no they havent. they have farmed as well as any farmer given $500k in loans and grants would do on the most fertile land in the country. i dont see any other states following that example. th best thing would be the empower the locals with that money. but then again this was under obasanjo, so maybe the future decision makers iwll be better

I can see how stupid you are!

pappy

March 22nd, 2008, 02:30 AM

I can see how stupid you are!

Knock it off! The man has a right to his opinion, whether you agree or disagree.

I think this is a good initiative and I wish the Zim farmers well.

kulani

March 22nd, 2008, 03:21 AM

I can see how stupid you are!

Easy tiger, have some tolerance for differences. that will make Africa that much better and reduce the potential for conflicts.

Michaelda

March 22nd, 2008, 03:43 AM

I can see how stupid you are!

so im stupid because i think its unwise to take land from poor villagers in kwara and give them to zimbabwean farmers along with $500K in loans and grants? money and organization that could have been used by nigerian farmers to improve thier lot.

explain why this makes me stupid

while you're at it, please point out the states that followed thier lead. i hear it mentioned but never saw it implemented

Michaelda

March 22nd, 2008, 03:44 AM

n Kwara, Hopes And Fears Over White Farmers

The government of Kwara State recently signed a memorandum of
understanding (Mou) with some white Zimbabwean farmers who were not
too long ago dispossessed of their farm lands by the Zimbabwean
Government under its controversial land redistribution programme. The
commercial farmers are being settled in Shonga communities in Edu
Local Council of Kwara State.
DEBO OLADIMEJI spoke with the inhabitants of the affected communities
on their expectations and fears.

THEY call them commercial white farmers from Zimbabwe. They are
literally on the run from their naturalised fatherland where the
government of Robert Mugabe, in an attempt to redistribute land whose
ownership in the former white ruled country was disproportionately
tilted in favour of the whites, took some of their lands and gave to
the native population. But they have found succour in Nigeria where
the government of Bukola Saraki in Kwara State has provided large
extracts of farmland for them to peddle their trade: commercial
farming.

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In the Shonga communities where they have been settled, they are to be
found in Dedening, Mokwagi, Faigi, Tsaduko, Gnagi Cella Miyaki, Cetta
Buro, Cetta Kanshi, Sancitegi Ndakanasa, Todo, Gumbayi, Ogudu, Part of
Shonga, Kanko, Gboros, Tsakpata, Tsunfereti and Dumagi.

Dumagi community, for instance, is a plain land with Guinea Savannah
vegetation. The place is fertile and is suitable for all kinds of
crops except cash crops. They have only one source of water in Dumagi
and that is River Bodo, for drainage. Throughout the year, they have
water in the Bodo river.

Dumagi is like elder brother to all the communities aforementioned.
Mohammed Dumagi, interpreting for Mohammed Jubril Abubakar the head of
Dumagi, a.k.a the Kpafyen, informed that all other communities whose
lands are to be used by the white farmers are off-shoots of Dumagi;
that the entire land belongs to Dumabi.

Explaining how Dumagi and all the other Shonga communities came to act
as a settlement for the white farmers, Mohammed Dumagi told The
Guardian that the Emir of Shonga summoned all the district heads in
the communities recently and informed them that the government of
Kwara State wanted to survey their land. The Emir told them that the
state government "would want to know how big our land is, so that we
could start benefiting from the programme of the State Government like
distribution of fertiliser and giving tractor to the farmers etc,"
Dumagi recalled.

According to him, the Kwara State Government used to give tractors,
insecticides, fertiliser to the people in Lafiaji area but over the
years, his people have not been given such assistance. So, when the
Emir said the state government would like to take a survey of their
land for proper distribution of the above mentioned benefits, they
gladly accepted the whole idea without a whimper of protest. But a fly
soon fell into the ointment when the communities got to know that the
survey was meant for a different purpose altogether.

Dumagi continued: "We were later informed that the State Government
would be interested in making use of the land in Apazihi and Kuse
communities. We gave the Emir the go ahead but before we could say
Jack Robinson, the state government had decided to take over our land
for the benefit of the white farmers because the Emir promised them
that he had vacant land for the white farmers from Zimbabwe to
settle."
"But we have said it plainly that in this area, there is no vacant
land. Even the land we have is not enough for us. We sometimes quarrel
over this land to the extent that, it often leads to deaths," he
stressed.

He added: "The people in these communities have no other profession.
We are all peasant farmers. That is to say that more than 100% of the
people are peasant farmers. I say this because, some women are also
farmers. Though they have no right to own land but they are given land
by their husbands or brothers or uncles to farm. By the time our land
is taken away from us what do we do?"
Dumagi averred that the communities' lands are their health and
religion, their sole means of survival. As such they are not prepared
to yield an inch to anybody, not to the government or the white
farmers. "If we die, then they can use our land in our absence,"
Dumagi asserted. "We are saying this because, we want to negotiate in
a peaceful way before it gets tough. It is our belief that if we
negotiate, we may have peace. But the government said that there is no
going back because they have invested so much. They say that they will
give us some percentage but we don't want any incentive, we don't want
any condition either by lease or any other means."
Dumagi fears that the white farmers are trying to displace the black
farmers. "The only difference is in the system of farming. The former
uses mechanised farming, because that is what is convenient for them.
The latter uses traditional system of farming to get what they want,"
he philosophised.

He said the communities were baffled baffle when the Emir said there
was no going back on the plan to give their lands to the Zimbabwean
farmers. "He said they must do it and that there is no going back,"
Dumagi agonised. "They want the land of their people to be taken over
by foreigners. We want to assure the world that we are not going to
give them an inch of our land. If they do so, then it means they have
robbed us of our land and God will take care of it," he said.

But why are the communities so vehemently opposed to the farmers?
Can't they see the advantages derivable from the presence of the white
farmers whose success story in commercial farming in Zimbabwe is well
known?
Dumagi said they are rejecting the foreign farmers for the same reason
they were rejected in rejecting the Zimbabwe. "The place where they
are coming from, why did they leave the place?" he queried. "We are
saying that it is what made the people there reject them that is part
of our reason for rejecting them. We shall continue to struggle and
maintain our stand. If a thief comes to steal your goods, what do you
do? Would you not fight? In the process of struggling with him, you
may kill him but you will not be called a murderer. But if he kills
you, you are going to paradise," the community spokesman noted.

"That is to say that we have nothing to lose, if we defeat them in
this battle and if we are defeated equally we have nothing to lose.
This is a Jihad for us and we have nothing to lose. How would you feel
if somebody suddenly takes over your land in your village?"
He is angry that the communities were not part of the transaction ."It
was basically between the Emir and the state government," he said.
"The Emir told the white farmers that there was a vacant land for them
but we told him that we didn't have a vacant land."
Umaru Mohammed a youth leader, for his part, said: " Since the
controversy started, we have been living in a deplorable situation. We
are now living in confusion because ordinarily, we should have started
clearing our land for preparation for the rainy season, but as it is
now, we cannot because we don't know where to start clearing as the
Zimbabwean farmers are marking everywhere. They have started
construction even in some areas that people are farming already."
He noted distressingly: "We have extended family. It is from the money
we make from farming that we make ends meet. In terms of sending our
children to school and all that, by the time there is no farm land
what do we do? Where everybody is poor what can be gained? Our people
are not used to the white man's method of farming.".

Mohammed enjoined the government not to bring politics into the whole
thing. "This is not a political issue," he argued, adding: "Politics
and land are two different things. The issue of land is not political.
Politics come and go but land will remain. No money can serve as a
compensation to us. If it is a flour mill or an assembly plant, there
is no problem but seizing our land from us, is not a joke."
He noted: "The Emir is saying that it is going to be for only 25 years
but that cannot be true. We know that once the government takes over a
particular land, that is the end of it. The Bacita Sugar Company
belongs to our people but even after the State Government stopped the
production of Sugar, they won't give back the land to us."
"We even said that they should divide the land 50/50 since what we
practise here is shifting cultivation. So, there is no fallow land. We
leave our land to fallow for sometime before we continue with farming
on the land. We don't use fertilizer because our land is very
fertile," Mohammed declared.

He complained about government's plan to move people from one
community to the other, saying: "There is no virgin land in this
community. From one inch to the other, our people are farming there.
Within one year or two, we all meet ourselves at the centre. We have
no monthly salary and it is from our farms that we get money to eat.
Our farm is our office. It is better they come here and destroy us
with bombs than for them to take over our land. We are going to fight
with tooth and nail to see that they make us beggars in our own land."
Mohammed Sani Dumagi is another spokesman for the Shonga communities.
He said: "There is nobody in this community who is not a farmer. Even
the unborn children are all farmers. We are not ready to take anything
as compensation. No amount of money can compensate us for our land. We
have been living without light or water for a long time. Is it now
that they want to take over our land that they are going to provide
all these things?"
Another community Dugbangi is about 10 kilometres away from Dumagi.
According to Mr. Amos Dugbangi, the government and the white farmers
came to inspect their land but discovered that their land was not
fertile enough for the kind of farming activities the white farmers
wanted to engage in, but only good for melon and groundnut. "So we are
not affected but other communities like Faigi are affected," he
enthused. "We are not affected in this area. We are contented with
what we have. For the past 20 years, we have been trying to provide
electricity on our own; if the government now wants to do anything to
help us, we don't mind."
The Kpafyen of Faigi Mohammed Jubril Abubakar, informed through an
interpreter that the community had been living without light, water
and good roads for a long time without complaints.

"We have three good wells that serve the entire community and the
water they bring forth tastes good," he said. "It is not that we are
against the coming of the white farmers but the problem is that our
farmlands are not enough even for us to farm. The governor was here
and we told him clearly our mind."
However, in Tsaduko the indigenes are receptive of the white farmers.
Mohammed Sese a spokesman for the community explained that the people
would abide by whatever the Emir said with regard to the presence of
the white farmers in the community. Already, some indigenes
have taken up employment with the white farmers.

Similarly, the people of Sancitagi said the Zimbabweans were welcome
in their land. Alhaji Usman Baba Sancitagi who spoke through an
interpreter for the head of the community, Abubakar Esunpa said: "We
are happy that the white men are coming here to farm. But we want them
to provide employment for our children who are jobless graduates. We
in this community are hungry because we don't have any other job
except farming. We also want to benefit from the white farmers. Our
town here is very big- we are up to five hundred people. We want the
whitemen to provide light for us. That is the first thing. We have
been struggling to provide electricity on our own in the past, all to
no avail."
Sancitagi continued: "We thank God for the white men and the Emir of
Shonga. We want them to build our school for us. Then we want them to
give us contract, so that we can also benefit. Some of our children
also are well trained in art work, like tractor drivers, but they are
jobless. So, we want them to provide job for them. There is no money
here and we are suffering. We want them to build a new mosque for us."
But although the people welcome the new development initiative by the
state government, they would not want to be resettled anywhere outside
of their immediate environment. "Our land is fertile for crops like
groundnut, yam, cassava, maize, guinea corn, beans, rice cashew,
mangoes, banana. But we don't have market in this place, so we take
them to Shonga or Share. If the white man can do all these things they
are welcome. We don't want to have any problems with the Emir of
Shonga," said Sancitagi.

According to the memorandum of understanding between the Kwara state
government and the Zimbabwe farmers, a lease of Agricultural land of
approximately one thousand (1000)Hectares will be given to each of the
thirty-five farmers for the purpose of undertaking the project.

The state government anticipates that the project will enhance food
production in Nigeria, encourage skills and technological transfer,
generate export earnings employment and stimulate local agro-allied
industries.

The Zimbabweans farmers were promised full protection, since by virtue
of the Land Use Act 1978, the State Government is vested with all land
within the state for the benefit of the people.The government will
also provide each of the Zimbabweans farmers the sum of $250,000USD
and a guarantee for a private sector loan in the sum of $250,000 USD
to each farmer on terms to be agreed upon by the parties and the
financiers.

The white farmers promised among others, "to provide the technological
know-how necessary for the efficient utilisation of the irrigation
system in respect of the project and to patronise local suppliers
where reasonably possible in Kwara State.

Michaelda

March 22nd, 2008, 03:54 AM

This has been a great move by Obasanjo one among many others. He didn´t look at the colour of the skin (like 99% of all other African presidents) but simply at expertise and whyt these people could bring to Nigeria, it seems to have paid off and will have a trickle down effect on the other states in terms of agriculture, too!

obasanjo did it precisely because of the color of their skin. he would never had done it for blacks suffering in other africa countries. in fact he causes refugees in nigeria by angrily giving bakassi to cameroon because his third term bid failed.too many of these african leaders show this fake sort of humanity only when it involves whites

pappy

March 22nd, 2008, 05:53 AM

Who cares?

pappy

March 22nd, 2008, 06:06 AM

Zenith launches dual currency Visa card

Zenith Bank Plc has taken its drive for cashless transactions to new levels with the launch of dual currency VISA credit card capable of being used for both Dollar and Naira transactions.

A statement issued by the bank said the dual currency functionality allows transactions carried out by the cardholder to be denominated in Dollars while abroad and transactions performed at home are reported in Naira.

The new range of cards represents a big boost to the bank’s existing international cards offering as VISA card is accepted in over 220 countries of the world.

The VISA credit card which comes in three variants: classic, gold and platinum eliminates the challenge of currency conversion for local transactions because of its dual currency nature even as it offers users an enhanced secure payment channel through the use of the ‘EMV’ or pin and chip technology, the latest and safest card technology in the world.

Zenith Bank according to the statement, has an array of cards including debit and credit cards as well as other e-products that meet the complex payment challenges of the modern customer.

Before the advent of the VISA cards, Zenith Bank has been a major promoter of MasterCard, another international credit card, with the unique alert notification function that enables users to be notified of transactions on their accounts, irrespective of whatever part of the world they are.

The debit and prepaid cards include the EAZY card from the Interswitch platform and the NIS and FCTA cards, among others, from the e-Tranzact stable.

Zenith Bank according to the statement, has one of the most robust offerings of e-products and services among existing banks in Nigeria today.

Michaelda

March 22nd, 2008, 06:13 AM

Who cares?

wh obviously, or you wouldnt have posted here

pappy

March 22nd, 2008, 06:16 AM

Steel company to invest in Nigeria

Graziano Serra, president of the company declared the interest during a visit to the Nigerian Investment Promotion Commission (NIPC).
He said the company was interested in the steel sector, especially welded steel and pre-insulated heating pipes used in conveying fluids.
According to him, the pipes will be useful against oil pipeline vandals, transportation of energy fuels and other infrastructure.
The executive secretary of NIPC, Mustafa Bello, represented by a director, Ghaji Bello, said the commission would co-operate with the company, to facilitate its registration.
Bello said the company’s operation was vital to Nigeria’s oil and gas sector.

pappy

March 22nd, 2008, 06:16 AM

wh obviously, or you wouldnt have posted here

Said who?

Tbite

March 22nd, 2008, 06:18 AM

Easy tiger, have some tolerance for differences. that will make Africa that much better and reduce the potential for conflicts.

I don't think it's that simple.

There is intolerance in numerous countries that happen to be stable, it's just the well being of the whole environment and society that enables a government to be able to regulate and control the society.

pappy

March 22nd, 2008, 06:28 AM

Now back to economic developments and not worrying about the color of farmer's skin.

Mobile marketing Innovations will drive Etisalat Nigeria

Farmed out License Holder, Etisalat Nigeria sure understand how to engage the subscribers in the 3G Era. During the launch of the Network last week in Lagos, the company spokesperson mentioned something significant. He Etisalat will deploy innovative Mobile Services like the mobile cam.Mobile cam allows 3G subscribers to dial into a gadget at home or office and be able to take a quick look around the location and even record voices.

The significance of this is that while other operators in Nigeria are trying to sell 3G Services based on Television services, the late entrant is looking at it from a strong compelling side, security. I am quite disappointed that the operators do not clearly understand what the technology can do. They keep stressing on TV while not offering a strong reason why subscribers will want to switch from their non paying terrestrial tv or satellite pay Tv to yet another Mobile pay Tv. Mobile operators are not even making a pretence about building contents around the ever popular and money spinning Nollywood. Two to five minutes mobisodes of Nigeria Drama, musicals and comedy will be a huge hit in the 140 million fun loving Nigerian market but the operators are rather focused on full length sports and news channles.This does not come cheap for an average Nigeria whose ARPU is hovering around 10 dollars.

Without a perfect understanding of the 3G Marketing, the Nigerian 3G Project might be heading for doom.

The advantages of 3G is that it has a higher bit rate and operators can therefore deploy more data intensive applications. It allows for increased call volumes and support multimedia data applications, such as video and photography.

The operators need to start thinking along the three spheres of 3G applications.
First is the Business Sphere which allows for Mobile videophone, video conferencing, database management and informational services.

Second area is the private sphere which allows karaoke on demand, music on demand, portable Television, interactive games and video on demand while third area is Business sphere. This allows traffic informational service, personal security, remote monitoring systems, Electronic newspapers, Home schooling systems and remote monitoring systems.

Etisalat’s understanding of 3G marketing gives some hope and something to look forward to. At least in the Nigerian telecommunications market, there is clear differentiator. All the operators need to do is to see an operator launch a service and all others will follow suit.

Michaelda

March 22nd, 2008, 06:45 AM

Said who?

why did you change your previous response. anyway, if you want to get into a conversation you dont care about as you claim, maybe you should do just that and post on matters you care about

pappy

March 22nd, 2008, 07:48 AM

why did you change your previous response. anyway, if you want to get into a conversation you dont care about as you claim, maybe you should do just that and post on matters you care about

Dangote offers bonus share to shareholders

Dangote Sugar Refinery Plc has proposed a final dividend of 50k and a bonus share to its shareholders.
That the proposed dividend, if approved by shareholders, will bring to N1.70k the total dividend paid by the company for its operations in 2007.
The final dividend which surpasses projected returns of N1.68, also includes a bonus offer of one new share for every five already held.
The sugar company was silent on its capital appreciation in a letter addressed to the Nigerian Stock Exchange (NSE) Tuesday.
Most investors and dealers said that Dangote Sugar Refinery has now become the benchmark for quoted companies in terms of returns and capital appreciation.
One of them, Carlos Kazeem of Platinum Securities described the company’s performance as the best in recent times.
According to him, the immediate and long term performance of the sugar company remains a challenge to local entrepreneurs.
The Coordinator of the Independent shareholders’ Association of Nigeria (ISAN), Sunny Nwosu also commended the company for being investor-friendly.
“ISAN is not surprised by the performance of Dangote because the track record of the company remains the most attractive,” Nwosu said.
Dangote Sugar had in 2007, recorded an impressive growth of 75.9 per cent and 35.1 per cent in Profit Before Tax (PBT) and Profit After Tax (PAT) respectively.
The performance was achieved in spite of the consistent dip in the sales’ revenue of the company by an average of four per cent.
Dealers say that the trend in the performance of the company suggests the need for the company to grow its market share, especially its retail domestic market.
Dangote Sugar Refinery Plc which began operations more than seven years ago, imports and refines raw sugar.
It uses an in-house developed technology to refine and package sugar, fortified with Vitamin A.
Dangote Sugar with an installed capacity of 1.44 million tonnes, currently operates at 75 per cent but controls about 70 per cent of the Nigerian sugar market.
Meanwhile, six months of monitoring of the company’s performance at the NSE shows that investors have so far staked N33.64 billion on 832.71 million shares of the company in 24,694 deals.

Bond James Bond

March 23rd, 2008, 07:16 AM

Nigeria one of the 7 hottest "frontier" markets, according to the UK Investor's Chronicle.

LINK (http://www.investorschronicle.co.uk/MarketsAndSectors/Markets/article/20080320/104e18ca-f66c-11dc-8f6a-0015171400aa/The-seven-hottest-emerging-markets.jsp)
Nigeria

A growing number of mainstream fund managers are beginning to talk up the attractions of Sub-Saharan Africa, tempted in part by stellar returns. Nigeria was one of the best performing of the Sub-Saharan markets in 2007, generating a dollar return of over 100 per cent. At a recent Financial Times Emerging Markets event, Roelof Horne, manager of Investec Asset Management's Africa Funds, noted that "Africa, excluding South Africa, has grown 7 per cent in five years and countries like Nigeria and Egypt provide good solid economic growth and reasonably priced investments."

His optimism was backed up Jamie Allsop of New Star's Heart of Africa fund who said|: "In Nigeria, only 10 per cent of the population have bank accounts and 20 per cent have mobile phones. There is obviously significant opportunity for growth." That optimism is shared by Dr Feriani's team. "The banking sector has been raising a huge amount of capital recently (about $15bn over the past two years) on the back of earnings growth in the region of 50 per cent. That focus on banks and financials has also meant that on valuation terms Nigeria is currently looking a bit 'stretched'. But if one looks at PEG ratios they are more reasonable, assuming that the earnings can be maintained. Nigeria is one of the more liquid markets in the region and so is likely to continue to attract fund flows as the issuance of African related funds continues." Around 20 Pan Africa funds have been launched in the region in the past 18 months with about $6bn in total being raised. This growth in liquidity could on its own propel the stock market forward, but the economic fundamentals aren't that bad either. A recent Macquarie Bank report on Nigeria, called: Nigeria Awake! The beckoning Golden Age, painted a remarkably rosy picture with economic growth powering ahead leading to a likely local boom especially in the all important consumer products and mobile telecoms space.

sammyjay77

March 23rd, 2008, 03:41 PM

Matthias Offodile

March 23rd, 2008, 06:39 PM

Nigeria one of the 7 hottest "frontier" markets, according to the UK Investor's Chronicle.

Very good news:cheers::cheers:

iluvnaija

March 24th, 2008, 10:43 AM

Fashola, unveils plans to install surveillance cameras
By Abiodun Fanoro

LAGOS State Governor, Babatunde Fashola, has unveiled plans to install surveillance cameras on major junctions and some other strategic locations across the state as part of efforts to tackle headlong the problem of insecurity and crime in the state.

Addressing a large gathering of eminent Lagosians and invited dignitaries across Nigeria on occasion to mark his 300 days in office, Fashola singled out among other hydra headed problems of insecurity and crime in the state, stating that plans were afoot within the next few months to install the cameras.

As a back-up for the high technology crime fighting mechanism, Fashola said that a security command centre is being built to serve as information warehouse for dealing with security in the state.

This centre will treat all information from installed cameras. His word: "The next step in the implementation of the security committee report is the development of the Security Command Centre, which is already undergoing construction. When completed towards the end of this year, it will provide the information technology warehouse for dealing with security in Lagos State, the feedbacks from the cameras that will be located across the whole state, that will help increase our emergence response not only for traffic or for armed robberies or violent crimes but also in life threatening emergencies from response from our ambulances."

As part of the new high tech anti-crime package, the governor disclosed that within the next few days, a new set of hotlines will be made available which are capable of processing several hundred of multiple calls simultaneously.

Fashola also disclosed that within the next few weeks, 15 new micro-water schemes would take off in the state to provide two million gallons of water per day.

In the area of education, he announced that in the next academic session, pupils from Primary I to SS III will be supplied free textbooks and exercise books. He said contract for the books had already been awarded.

The governor, who announced that the production of 35,000 street names for easier access of the Police and other security operatives into areas of distress were on the way, pleaded with the citizenry to avail the Police with useful information that would enhance the proper discharge of their constitutional duties.

He also warned motorists to stop the habit of driving against the traffic, citing himself as a worthy example of respecter of traffic rules and laws, saying: "Anybody arrested for driving against traffic would not be spared. I am the governor, I lead by example; I don't use siren, neither do I drive against the traffic, I have never been tempted to do it."

Fashola promised to relocate the traders that were either displaced by the state government's on-going rehabilitation exercise in the affected markets or those displaced by disaster back to their former stalls after due rehabilitation exercise.

He said that within the 300 days of inauguration, his government had equally awarded 36 roads in Yaba metropolis while four link bridges and 11 roads are to be developed in Alimosho local of the state, adding that his administration had committed the second phase of construction work on the 10-lane Lagos-Badagry highway to a contractor while the work stretching from Costain to Badagry is expected to start very soon.

The governor further disclosed that contract for the construction of three jetties to ease transportation problems that bother on heavy traffic had been awarded, "On take-off, the jetties would link Ijede-Badore; Ijede-Ikorodu and; Ikorodu-Lekki phase 11."

iluvnaija

March 24th, 2008, 10:46 AM

Nigeria’s First Bio-fuel Refinery to Create 406,000 Jobs
... 7 states to benefit
By Udeme Clement-Ogbuanu, 03.24.2008

Nigeria's first Bio-fuel Refinery , Global Biofuels Limited, a subsidiary of NeGSt Global Integrated Company Limited, has concluded plans to create 406,000 jobs for Nigerians.
Managing Director and Chief Executive Officer, Global Biofuels Limited, Dr. Felix Babatunde Obada disclosed this in an interview with THISDAY in Lagos, saying that seven states including Osun, Kwara, Kogi, Niger, Kaduna, Ekiti and Oyo will benefit from the project.
According to Obada , 58,000 jobs would be created in each participating state of the federation, adding that the project would gulp $560million to set up seven plants in the participating states, with each plant costing about $80million to complete.
Obada explained that in 2006, Europe traded 26.75bilion euros of Carbon Credit, and European sector is just 45 per cent of the entire sector, emphasising that if bio-fuel is not developed in Nigeria, the country would not benefit from the scheme.
"Smart banks in Nigeria are already setting up carbon credit desk to work with us in benefiting from the international trade package because this sector is to serve humanity and reduce carbon footprint in Nigeria," he said.
The Global Bio-fuels boss maintained that the biofuel industry is becoming a reality and developed economies such as United States of America and Europe are already stepping up their target usage of bio-fuels to significant levels.
He said Nigeria must not be left out, adding "As I speak now, the target of USA is to produce 130billion litres of ethanol by 2025, because the European Union has set guidelines that 10 per cent of total motor fuel consumption by 2020 must be biofuels and many countries now have active policies in place to develop their domestic biofuel production."
He stated that the project would make Nigeria a responsible member of the Committee of Nations, saying a project like this would directly reduce the burden of fuel importation as, according to him, the outputs of the country's ethanol refineries would be used for blending fossil fuel, thus enhancing the standard of living of Nigerians.
THISDAY investigations reveal that in 2005, statistics showed that Nigeria consumed about 30million litres of fuel per day, indicating an urgent need to blend about three million litres of ethanol with 30 million of fossil fuel on a daily basis .
Nigerian National Petroleum Corporation (NNPC), has already endorsed the biofuel project, indicating willingness to partner with investors who are ready to go into the production since Nigeria has not produced ethanol yet.

sammyjay77

March 24th, 2008, 11:32 AM

Nigeria’s foreign reserves hit $60bn :cheers:

Nigeria’s foreign reserves hit an all time high of about $60bn, the Central Bank of Nigeria said on Sunday.

Besides, the CBN said it had spent about N310m as collateral for loans under the Agricultural Credit Guarantee Scheme Fund for the months of January and February, 2008.

“Reserves are now $59.985bn, up from $58.3bn on March 11,” the CBN said on its website.

Soaring oil prices that are currently treading above $100 per barrel have helped build up Nigeria’s reserves.

With current oil output of 2.5million barrels per day, analysts said a resolution of the violent crises in the oil-rich Niger Delta could raise the country’s oil output to around three million barrels a day.

“This implies an additional $10bn in annual oil revenues at current oil prices,” said global market analysts, Goldman Sachs in its report on March 18.

Experts said oil prices would remain high in the remaining part of the year 2008.

“Prices will continue to be high, and the prices for the rest of the year will be between $80 and $110,” the President, Organisation of the Petroleum Exporting Countries, Chakib Khelil, said on Saturday.

Khelil, who is also the Algerian Energy and Mines Minister, told Algerian television that OPEC was under ”big pressures” from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to United States economic problems and the falling dollar.

OPEC steadied its output at a meeting earlier this month despite calls from consuming countries for more oil to halt the record rally.

Oil and other commodities have struck a series of record highs since the beginning of the year as investors fled stock markets and took refuge in dollar-denominated assets.

But US oil prices have eased since hitting a record $111.80 a barrel on Monday as signs of an economic slowdown mount, raising the possibility of a slowdown in world demand for commodities.

Khelil has long said OPEC has played no role in oil‘s rise in recent months.

”There are big pressures on OPEC and some consuming nations would like to present OPEC as being behind current high prices,” Khelil said.

sammyjay77

March 24th, 2008, 12:07 PM

Fashola, unveils plans to install surveillance cameras

Nice Going!!! FASHOLA IS A GENIUS!!!!!!

This is what I have always advocated for, invest in Security Technology to curb the menace of insecurity. The Police can not be everywhere at the same time but this cameras will definitely be there to Monitor and Capture movements of criminals and their activities.

The Government can also use it for Traffic Enforcement, that is if every vehicle in the country have been properly identified and Linked to an owner and identifiable address.

In London, this is how the Government makes money-Traffic and Bus Lane Enforcement. Wandsworth Borough Council, which I happen to indirectly Work with through a Parking Contracting Firm makes at least £50,000 daily thru Penalty Charge Notices imposed on motorists for breaking Parking Rules, this amount does not include those motorists caught on CCTV cameras breaking Bus Lane and other traffic rules around the borough.
The Govt dont really have anything to Lose in this, all they need to do is

1. Put the Legislation in Place. ie a bill with the state or National assembly, Penalty codes and stringent traffic rules
2. Build infrastructure .ie Good Roads and Markings, Time plates and street Furnitures and a comprehensive street database
3. Enlighten the Populace.

Once all of the above is done, then a reputable Contracting firm will pick up from there and before you know it normalcy will almost return to the streets because people and Motorists know they are being watched

Matthias Offodile

March 24th, 2008, 07:18 PM

Nigeria: 'Nigerian Economy is Showing Signs of a Prosperous Future'

Vanguard (Lagos)

23 March 2008
Posted to the web 24 March 2008

Emeka Aginam
Lagos

Babajide Daniel Esq, Chief Executive Officer, Daniel Galileo Inc., a brand management consultancy outfit, is a man with tremendous faith in the Nigerian economy.

With over 14 years cognate experience as a senior marketing and sales management resource person at PZ Industries Plc., where he contributed immensely to the development of marketing communications and brand strategy, Daniel, a 1982 graduate of economics from the University of Sunderland, England, and holder of a Masters Degree in marketing from the University of Strathclyde.

Daniel

He has a vision to create the best one stop marketing communications solution outfit with premium quality and optimal delivery standards. He notes in this interview that with the Nigerian economy on the upward trend, it is a golden opportunity for entrepreneurs to consolidate the dividends of the new business climat

AS an entrepreneur, what's your assessment of the Nigerian economy?

The Nigerian economy is on the upward trend. There are specific indicators which can be classified into primary and secondary categories. If you look at the level of construction that is going on in the country today, it would be clear that the economy is dictating a trend. It is taking place at two levels - the private sector and the public sector.

In the private sector, there is a glaring increase in the construction industry. How do we know this? Just look at the price of cement. Even though the cement factories are not operating optimally, there is no doubting the fact that there is an upward trend in the industry. Take a look at the quarries, they are more functional and many more quarries are being opened up along the Lagos-Ibadan expressway.

Buildings are being put up everywhere. Right from Oshodi in Lagos to Abeokuta, Ogun State that used to be undeveloped, the area is now being developed. the entire national landscape is rapidly being developed. So you may ask where are people getting the money if the economy is not improving? People are earning incomes and they are building houses. It's all thanks to the improved economy.

How can this be rationalised considering the high cost of cement?

That is a function of demand. If the economy is down, people would not have money for capital projects if they have not fed. So it is because people have money that they are putting up buildings. Go to Victoria Island and Ikorodu town in Lagos, you would discover people are not building houses for the fun of it. Most are putting up buildings to let out for rent.

Look at all the estate agents, they are building house after house to the extent that within one year of starting a project, it has taken off. This means there are so many people moving up from the lower class to the middle class and are aspiring to move to places like Ikoyi and Surulere, Lekki and Ajah in Lagos. All these point out that the economy is on the increase. They are the primary indicators.

What are the main challenges?

Of course, we'll want to look at the challenges. We know the level of power generation is low and there are many issues about power, but even if we look at the naira itself, vis-a-vis other currencies, it is getting stronger by the day and that is the determinant that people are demanding more for naira than dollar. It is another indication that the naira is appreciating against other currencies. We are in March and I believe the British pound exchanges for about N245 or N246 now.

It used to be as high as N256. This is an upward trend from what it was in December last year. My point is that a function of the currency is a function of the growth of the economy. In America for instance, the currency is going down, therefore the economy is also going down.

There has been talk about emergence of the middle class...?

Yes. The middle class is gradually emerging. It's part of the effects of the economic management policy streaming down into the economy. It'll take time, but eventually it'll stream down into every facet of the economy, whether it's finance, insurance, banking or whatever area of the economy.

People are earning better incomes, sectors that were not engaged before are now engaged and even for those that were previously engaged, their performance level has gone up appreciably. For instance, the banks are no longer talking of raising N25 million, but N100 million.

These banks employ staff and pay them well. There are communications companies coming into the country to empower our people and also pay them well. people are moving from one job to the other because of better remuneration. So the middle class is coming back, that is why we are having formal development in the exchange sector.

Is this reflecting in better standard of living?.

When we are talking about an economy moving up, we want to ask, who are the people getting the money? There are different classes of workers. the people that can be employed, those that do not want to work and those that are working. Now, are they getting the right wages? Those who are worried about what the money they have in their pocket can get them are the low-income people. These are the ones you can buy their skills anywhere.

These are people whose values have not gone up, so their remuneration has not gone up. But those who are in short supply, that is, the educated people, or the while-collar set of people that are moving from job to job, are in demand. These people are not complaining and if at all they have complaints, it is about not being able to do all they wanted to. More people are moving into jobs and they are socially mobile.

Why do you think there is so much traffic jam on Lagos roads. The roads are not being expanded fast enough, because there are too many cars. More people are buying cars, Those who have bought cars already are buying more. The trend of upward social mobility is tremendous. This is the computer age. Anyone who is not computer literate will not get a job. There is what is called identified qualified workers. Are you qualified is the question.

Yes you went to school, but if you are not computer literate, no one will employ you. I tell you there are jobs. Look at the newspapers and you'll see vacancies everyday. this is because people are moving in and out of jobs. People are moving up now more than ever before. Look at the social marketing industry, it is not proliferated, but actually an indication of the state of the economy.

There was a time when about two or three agencies would share a single marketing budget, and they'd be glad because they knew they'd be making their money inside that budget.

What can you say about the real value of the naira?

The naira is stabilising but it would take a number of years to return to the 1:1 parity between the naira and dollar like it used to be several years ago. For any economy to grow, the first sector that must grow is the banking sector. Now there are foreign multinational banks in Nigeria.

May of them are really keen on investing because they have seen the indication of the potential of the economy and the more the banking sector grows, the stronger is the environment for business. If things continue the way they are today, in the next few years, the stability and security of the business scenario would be further ensured and the naira would keep appreciating. Are you saying we shouldn't worry about parity now?

What is your view of Prof. Chukwuma Soludo's attempt at redenominating the naira?

I think government was right when it stopped Soludo's attempt to re-denominate the naira because it would only be applicable on paper and it could have destabilised the whole system if care was not taken.

It is not really re-denomination that matters but the amount of money that you have and its value against other currencies. Ghana did something like that and the Cedi came down. If the Cedi could have come down, and it is steady and improving, it is because the investors have had confidence in the improvement of the economy.

Today, Nigerian investors are going to Ghana. Nigerians are living in Ghana because of the enabling environment which I believe is what is in the offing for Nigeria. If there is a way of reducing the investment risk, things will get better. The way I see it, if you cannot make money in this country, it is unlikely you'll make money anywhere else. The opportunities are there, it is just that things have to be done professionally and at the right time. There certainly is hope for the future.

When you look at the market, you see so many new products owned by foreigners who come in to do business. Before these people come in with their money, they know they are going to succeed and that means they have seen an opportunity.

As the economy improves, there'll be different options for people to take. Look at the soft drink industry. It is growing in leaps and bounds. Another industry is the noodle. There was a time it was only one brand of noodles in the entire country, but that has changed. Today, there are at least five and business is going on fine. Everyone is creating a niche for himself and the economy is moving on.

What's your advice on retail auditing?

Every company requires a comprehensive retail audit and this is best done by reputable firms. There are some companies who do it themselves in-house, but it is certain that such companies would not be optimising their potentials, because it is the same person who is involved with their sales that is sent into the field. So on what aspect would that person be expected to concentrate? Is it in sales or in collating the retail data? This invariably affects the effectiveness.

What are the common obstacles to retail auditing in Nigeria?

There is general lack of information about what a retail audit entails and what benefits can accrue from it But the most important aspect is cost. many companies do not want to spend money because they think it is expensive and believe so much in the traditional media method. But what I wish to point out is that the volume method and the traditional media approach are quite different. Fine, they are good at raising consumer consciousness, but after the initial hue and cry, people go back to what they used to buy. The reason for this may be as a result of loyalty.

The companies utilising the volume approach, however, may have realised that the only way to capture the entire market is to cover every nook and cranny. Every market has its own style and value. The only way to get your own share is to know the value and the retailers. It pays off in the end.

Rdokoye

March 25th, 2008, 05:26 AM

IMO TO BUILD $250m PETROCHEMICAL COMPLEX

The Ikedi Ohakim administration in Imo State is about to turn the sud on a $250m energy complex and a unique petrochemical facility to be known as Imo Royal Oak Petrochemical Company Limited – a joint venture between Imo State Government and Royal Oaks Group of USA.

The complex will comprise a 24,000 barrels per day crude oil refinery and ancillary facilities such as methanol manufacturing plant; fructose manufacturing plant; drinking water plant; a vocation technical trade school and a crude oil and finished products storage bay.

According to a release by the Chief Press Secretary to Governor Ohakim, Mr. Steve Osuji, the project is a realization of the New Face of Imo vision to build the state into a modern state anchored on manufacturing and tourism. It is billed to be completed in 34 months. He noted further that the project will generate employment for thousands of qualified Nigerians both during the construction stages and when the complex comes on stream.
It also comes with the added advantage of providing Nigerian youths, world class training opportunities required in the petrochemical sector.

Being part of the fruits of his trips to the US last year, Governor Ohakim has assured that the complex will be delivered within the stipulated period.

The agreement for the construction of the complex was signed recently in London between the Imo State Government and Royal Oaks Group of USA, according to the release.

http://www.imostate.gov.ng/

ufookoro

March 25th, 2008, 10:07 AM

IMO TO BUILD $250m PETROCHEMICAL COMPLEX

http://www.imostate.gov.ng/

It just goes to show the comitment of some governors to server the people of the state. The same praise goes to the Lagos state govenor. Go Nigeria Go

Matthias Offodile

March 25th, 2008, 07:31 PM

Nigeria Inaugurates International Scientific Committee

Nigeria has inaugurated anInternational Scientific Committeeto fast track the contributions ofscience to national development.
A statement signed by the Spokesman of the National Mathematical Centre (NMC), Njoku Onyekachi said that the body inaugurated bythe Minister of Education, Dr IgweAja-Nwachukwu, would be anadvisory body to the Centre.
Aja-Nwachukwu was quoted by the statement, issued yesterday in Abuja, as saying that successive governments were responsible for the brain drain syndrome affecting the country following their failure toinvest in science and research.
The minister said that the committee was part of a strategy adopted by the presentgovernment to correct the mistakes of the past and position the country to attain the vision 2020.
He noted that intensiveinvestment in science andtechnology constituted thebedrock for the achievementof the primary objective ofNEPAD, and the MDGs.``
The technological innovationsbrought about by science in thedeveloped countries have dazzledthe human imagination,'' theminister explained.``The developing countries,especially Africa have been leftbehind for too long in the positionof bystanders, consumers, andcommentators and this has tochange,'' he said.
The minister reiterated thatinvesting in science was vitalfor developing nations to andthat in order to achieve Nigeria'squest for sustainable economicgrowth and development.It was necessary that the countryeffectively promote excellencein science and technology.``A country that neglects scienceeducation for its citizens does soat its own peril''``It is in realising this fact that withNigeria's external debt reduceddrastically government has madefirm commitment to upgrade thecenters of excellence in thecountry to a world class status asa way of producing highly skilledscientific professionals of thefuture.``We are all witnesses to thebrain drain syndrome that hastaken away and still continuesto take away a significant number of our intellectualcapital".``For instance today many ofour children who left the shoresof this continent for greenerpasture in developed countriesare already making waves intheir chosen fields".``The reasons for their departurefrom this continent cannot bedistanced from the failure ofsuccessive governments toinvest adequately in academicand research efforts, this isno longer so.''Prof. Sam Ale, NMC DirectorGeneral according to thestatement said that thecommittee would assist thecountry in becoming a worldclass reference point as wellas ensure that sciencepropelled Nigeria towards beingamong the largest 20economies by the year 2020.
Aja-Nwachukwu was quoted by the statement, issued yesterday in Abuja, as saying that successive governments were responsible for the brain drain syndrome affecting the country following their failure to invest in science and research.
The minister said that the committee was part of a strategy adopted by the present government to correct the mistakes of the past and position the country to attain the vision 2020.
He noted that intensiveinvestment in science and technology constituted the bedrock for the achievement of the primary objective of NEPAD, and the MDGs.``
The technological innovations brought about by science in the developed countries have dazzled the human imagination,'' the minister explained.``The developing countries, especially Africa have been left behind for too long in the positionof bystanders, consumers, andcommentators and this has tochange,'' he said.
The minister reiterated thatinvesting in science was vitalfor developing nations to andthat in order to achieve Nigeria's quest for sustainable economic growth and development.It was necessary that the country effectively promote excellence in science and technology.``
A country that neglects science education for its citizens does soat its own peril''``It is in realising this fact that with Nigeria's external debt reduced drastically government has made firm commitment to upgrade the centers of excellence in the country to a world class status as a way of producing highly skilled scientific professionals of the future.``We are all witnesses to the brain drain syndrome that has taken away and still continues to take away a significant number of our intellectual capital".``For instance today many of our children who left the shores of this continent for greener pasture in developed countries are already making waves in their chosen fields".`
`The reasons for their departurefrom this continent cannot bedistanced from the failure ofsuccessive governments toinvest adequately in academicand research efforts, this isno longer so.''Prof. Sam Ale, NMC DirectorGeneral according to thestatement said that thecommittee would assist thecountry in becoming a worldclass reference point as wellas ensure that sciencepropelled Nigeria towards beingamong the largest 20economies by the year 2020.

FM 2258

March 26th, 2008, 03:19 AM

I can't wait to go back to Nigeria. Mainly to eat some good food, meet some family and fly on ArikAir and Virgin Nigeria. :cheers:

Michaelda

March 26th, 2008, 03:53 AM

I can't wait to go back to Nigeria. Mainly to eat some good food, meet some family and fly on ArikAir and Virgin Nigeria. :cheers:

same here.

pappy

March 26th, 2008, 08:01 AM

Can't wait to go back too.

pappy

March 26th, 2008, 05:29 PM

Lagos BRT records 317,382 passengers in one week

IN a feat described by transport workers as unprecedented, the newly launched Bus Rapid Transit (BRT) mode of transportation by the Lagos State government has recorded over 317,382 passengers within its first week of operation.

External Relations Consultant to the Lagos Area Metropolitan Transport Authority (LAMATA), Mr. Lanre Akintilo, told The Guardian that the feat was recorded during the public holiday period.

"That such a high number of passengers was recorded within the time justified the findings of LAMATA that the Ikorodu corridor has the highest number of passengers in Nigeria," he said.

With the holidays over, Akintilo said more passengers are expected to ride on the BRT, thereby making transport business a lucrative venture in the state.

According to him, LAMATA is ever ready to provide the necessary infrastructure for any investor in the area of transportation whether rail or water.

On the lapses experienced by commuters in the scheme, Akintilo said they should be patient as the authority is working hard to ensure that the scheme work to tackle the Lagos traffic and transport menace.

Of the 317,382 figure, Thursday, March 20 has the highest number of passengers with 72,378.

Further breakdown shows that on Tuesday, March 18, there were 59,662 passengers; Wednesday, March, 19 (53, 830 passengers); Thursday, March, 20, (72,378); Friday March 21 (42,816); Saturday March 2, (40,138); Sunday March 23 (16, 976) and Monday, March 24 (30,582 passengers).

sammyjay77

March 26th, 2008, 07:06 PM

Nigeria's oil-fuelled investment allure eclipses Kenya

By Sebastian Tong
LONDON, March 26 (Reuters) - Disputed elections, political violence and fraying infrastructure may have sent investors scurrying from Kenya but they appear to have done little to curb enthusiasm for investment in Nigeria.
Borne by the high price of oil and other commodities, Nigeria has eclipsed Kenya to be seen as one of the most promising African economies, attracting investors keen on less-developed "frontier markets" that have lower correlation to the brewing crisis on global financial markets.
And while investors are leery of banking shares elsewhere in the world, Nigerian banks have become stock market darlings thanks to consolidation spurred by financial-sector reforms.
"It's the most populous nation in Africa so it has the scale to be of interest. The problem with a lot of African economies is that they are so small that lack of liquidity is a big drawback," said Razia Khan, Standard Chartered's regional research head for Africa.
"But just in terms of size, Nigeria is Africa's equivalent of a China or India."
With oil accounting for about 92 percent of its exports, Nigeria is seen to be more resilient to a U.S. recession and better placed to meet China's ravenous appetite for commodities.
Africa's top oil exporter and the world's eighth, attracted $10.3 billion in direct and portfolio investment last year. Despite a looming global recession, that amount is expected to rise this year to $11 billion and the Nigerian economy is set to expand 9 percent, according to the International Monetary Fund.
Investors appear little fazed by ongoing legal attempts by opposition politicians in Nigeria to unseat President Umaru Yar'Adua who won the office last April in a disputed election.
"For emerging market investors, Nigeria is a good proxy for exposure to global commodities," said Graham Stock, executive director at JPMorgan's Emerging Markets Research in London.
RESILIENCE AND RISKS
Nigeria's move in 2006 to settle its multi-billion dollar debt with the Paris Club paved the way for the country to build up a healthy current account surplus.
The country's fiscal stability has helped ease investor fears despite oil production in the Niger Delta being chronically hit by armed attacks by militant groups, kidnappings and labour unrest. In the last two years more than 200 foreigners have been kidnapped and dozens of oil production facilities blown up.
This is in marked contrast with the capital flight from resource-poor and tourism-reliant Kenya, following the eruption of ethnic violence there after a disputed presidential election in December that claimed at least 1,200 lives.
"Political risk in Nigeria is something investors can comprehend but Kenya was supposed to be an economy that everyone knew inside out," Standard Chartered's Khan said.
Until the recent trouble in Kenya, the country was seen as one of the most promising economies in an often volatile continent.
In Nigeria, the recent election of Delta native Goodluck Jonathan as vice-president could brighten prospects of a resolution in the restive, oil-rich south but tensions could also flare because of treason charges brought against arrested rebel leader Henry Okah.
BANKS AND PITFALLS
Nigeria's country's stock market capitalisation has swelled fourfold since 2005, driven in part by investor interest in banks such as Guarantee Trust Bank , Zenith Bank and First Bank of Nigeria .
Critics say Nigerian bank valuations are already stretched, with lenders trading at five to seven times book value, compared to global peers who trade at two to three times.
Standard & Poor's this week rated Nigeria's banking system "high risk" despite its recent boom, citing the country's weak judiciary, unstable politics and poor corporate governance.
Investors are now focused on Nigerian insurers Cornerstone and Crusader Insurance , which are expected to benefit from the next phase of financial sector reforms.
Andrew Brown, a fund manager at Aberdeen Asset Management, prefers buying into South African firms such as retailer Massmart and gas group African Oxygen which are expanding regionally to play off the Nigerian growth story.
"This negates the corporate governance risk of investing in Nigerian companies. South Africa remains a couple of decades ahead of most of sub-Sahara Africa in terms of corporate law and governance," Brown said.
Nigeria's failure so far to develop infrastructure to nurture its non-oil industries also leaves its reserves vulnerable to a sudden fall in commodity prices, some investors said.
"Corruption is a source of concern. Actual state spending on infrastructure has not really taken off," said Stephane Bwakira, who manages Standard Bank's over $270 million Africa Equity Fund, now about 25 percent invested in Nigeria.
"Nigeria's dependency on oil was a problem in the 1980s and 1990s, and it could be again if oil prices slump."

pappy

March 26th, 2008, 09:31 PM

Nigeria: Zinox Gets Fresh N3.5bn to Pursue Regional Dreams

Premier Nigerian computer brand, Zinox, last week got N3.5bn new fund injection in a move the owners said would help meet the demand of a very responsive market and also help position the brand as the computer of first choice across the West African sub-region.

"We are ambitious and want to change the landscape in 18 months," Mr. Leo Stan Ekeh, Chairman of Zinox Computers told Vanguard when we sought for clarifications on the purpose of the fund.

The fresh fund is coming from the three main owners, namely: Stan Technologies of Nigeria, Mustek of South Africa and Alhaner Ventures of France.

After a board meeting of the company directors in Lagos, it was David Khan of Mustek South Africa who voiced the confidence of the investors when he hailed the Nigerian market for delivering the numbers, promising that the directors would continue to put more funds until they achieve the company of their dream that will be a major stimulus to the growth of the ICT sector in the country.

A summary of focus areas include the plan ton acquire majority shares in some local Nigerian computer companies, deployment of world class infrastructure which will accelerate expansion plans, and launch of a large software company, among others.

Apart from growing the market and acquiring more technologies that will make the Zinox systems more robust, a major concern being addressed is the rate at which computers will be available to buyers. The new fund will also allow Zinox to give out computers at interest free rate and thus encourage computer penetration and usage across the country.

Giving reasons for this bold venture, Ekeh told Vanguard: "We are set to launch interest free computer ownership scheme to Nigerians. After a successful launch of Zinox Student Computer Ownership, ZSCOP, and the current Computer Discount Scheme currently funded by a Nigerian philanthropist, few foreign interests have approached Zinox to use us as a credible platform to really test the reliability of the Nigerian consumer when it comes to items bought on credit. Zinox has been selected as a platform to increase IT penetration in West Africa and we are presently working out the modalities. Ultimately, Zinox hopes to achieve an offer of Zero interest for those Nigerians who are qualified," he promised.

Currently running neck to neck with HP on market share, according to figures by the International Data Corporation of the United States, IDC, and the only Microsoft certified OEM in West Africa, Zinox in the explanation of Ekeh is presently building the largest computer assembly in the whole of Africa, and hopes to launch a major software company in partnership with some Asians by 2009.

On what marks Zinox out as a unique brand, media manager for Zinox, Mr. Echika Ezuka had told Vanguard. "Zinox is the only Microsoft certified OEM partner in West Africa and the largest Intel corporation partner in Sub-Saharan Africa.

Zinox presently has twelve sales and support offices nation wide and intend to increase this to twenty by the end of 2008 in order to reduce the total cost of ownership of computers by being close to our customers so that when they have challenges we are there for them. Nigeria is becoming a dumping ground for all sorts of computers and we hope the Nigerian consumers insist on their right for at least twelve months comprehensive warranty," he said.

Ekeh also informed that by way of preparing for the expansion and rising demand Zinox was investing heavily in human capital. "We have just hired over forty new graduates for the first phase and they are all Nigerians."

Khan remarked that what Zinox is doing is the only way for African countries to witness growth, when they are able to retain talents and skills within their countries.

"One of the things that African countries need to do is the need for skills to stay in the country. Like the BEE - Black Economic Empowerment which encourages local skills and economic participation in South Africa, local empowerment is critical to the success of any economy," Khan explained.

Ekeh told Vanguard that for a fresh graduate to play a role in Zinox, that graduate would have to be incubated for at least nine months on the expense of his organization.

Zinox debuted in 2001 as the first internationally certified brand of Nigerian computers. By the end of the year the company hopes to expand its support network to 20 locations across the West African sub-region.

For the progress the company has recorded within this short period, Khan hailed Ekeh, asking for even support from the country to encourage him to continue to canvass ICT literacy and penetration in the country.

"Leo Stan has taken the franchise beyond our expectation in such a short period and this he has done with passion. I would say wait for another 12 months to really appreciate his road map. Stan is one gentleman you must trust because his focus is not just on money but rather building a knowledge driven Nigerian economy and we all support him and hope your government will support him to change the face of Nigeria because that is his passion," Khan said of Leo Stan Ekeh.

pappy

March 27th, 2008, 05:49 AM

Nigerian Phone Connections Rise 9% to 42 Million in December

arch 26 (Bloomberg) -- The number of active telephone connections in Nigeria, Africa's most-populous nation, increased 9 percent in the three months through Dec. 31, compared with the preceding quarter, the telecommunications regulator said.

Of the 42 million connections, 38.4 million were for mobile-phone subscribers, the Abuja-based Nigerian Communications Commission said today on its Web site.

Phone connections in Nigeria have soared from 450,000 in 2001, when the global system for mobile communications, or GSM, was introduced, making the country the fastest-growing telecommunications market on the continent.

MTN Communications Nigeria Ltd., a unit of MTN Group Ltd., Africa's largest mobile-phone operator, is Nigeria's biggest phone company with 16.5 million subscribers as at Dec. 31.

Matthias Offodile

March 27th, 2008, 11:48 AM

Nigeria's oil-fuelled investment allure eclipses Kenya

Nothing against Kenya, I like the country it is extremly beautiful and very important and strategic for the entire East african sub-region, it has hard-working people ....But Nigeria has always been in another league despite multiple problems it is faced with.

Reasons:

140 million people
$60Bn in foreign exchange resserves
compartively well-placed industrial sector and services (banking)
rising urban middle classes
a huuuuuge diaspora
6 or 7th largest producer of oil IN THE WORLD (!!)
massive gas resserves (larger than those of oil)
untapped mineral wealth

Something that a growing number of investors seem to wake up, FINALLY...and I wonder why it has taken them so long? Investors should learn to differentiate well within Africa it is not a monolith.

PEACE

Michaelda

March 27th, 2008, 03:15 PM

Over 30% of Nigerians now have phones –NCC
By Jonah Iboma
Published: Thursday, 27 Mar 2008

ONE in every three Nigerians now has a telephone line, according to latest figures released by the Nigerian Communications Commission

Figures released by the NCC showed that the number of active telephone lines in Nigeria, have however, surpassed 42.92million, taking the country’s teledensity to 30.67

Teledensity, an international development index, measures the number of active telephone lines in a country per hundred persons.

The new connection figure represents another milestone in the country’s telecommunications development.

Before the introduction of mobile services in 2001, Nigeria had one of the lowest teledensity in the world, put then at about 0.3.

The figure, however, continued to rise since then.

Between December 2007 and January 2008, a net addition of close to a one million new active phone lines were recorded, which brought the teledensity to 30.7

The figures released by the Nigerian industry regulator distinguished between connected lines and active ones.

NCC said though Nigeria had 41.98million actives lines, the country had, however, connected over 57.69million lines as of December 2007.

It added that as at January 2008, the number of connected lines had reached 59.57 million.

Between 2001 and 2006, the NCC used the number of connected lines to determine the country’s teledensity, but from September 2007, it began using the number of active lines based on a population estimate of 140 million.

lena5538

March 27th, 2008, 05:37 PM

nigeria is one of the most developed countries in Africa.

sammyjay77

March 27th, 2008, 10:42 PM

CBN urged to intensify supervision as banks experience speedy growth

It has also been advised to ensure that its supervisory capacity is commensurate with growth and activities in the banking sector.
The advice to the apex bank was given by the International Monetary Fund (IMF) in the economic assessment on Nigeria contained in its March 2008 survey.
Nigeria’s current economic situation, the Fund noted is the strongest in its recent economic history.
It said: “The success of the reform efforts, dramatic reductions in external debt and high oil prices are leading Nigeria along the path followed by emerging markets elsewhere in the world, giving Nigeria ’s financial sector a new lease on life. This is good news, but it must be managed well to get the best results.”
Currently, accounting for about one-third of sub-Saharan Africa’s GDP, excluding South Africa, Nigeria is attracting great interest from global financial markets.
It is integrating rapidly into these markets, including through a fivefold increase in government securities trading and a fourfold increase in stock market capitalisation since 2005.
This growth dividend is already evident in the form of increased bank lending across a range of sectors.
The Fund disclosed that buoyant financial market sentiment about Nigeria is reflected in a sovereign rating of BB– and in the success of several Nigerian banks in raising capital on international markets.
Furthermore, it is disclosed that while a majority of households in Nigeria saw their economic situation improve or stay the same, poverty remains high, and progress toward the Millennium Development Goals (MDGs) needs to be accelerated.
It is of the view that Nigeria there are many challenges facing this nation. Some of the identified challenges remain, particularly in three key areas—budgets and oil revenues, the financial sector, and private sector growth.
Meanwhile, the Fund also noted the essence of carefully balanced policy stance, saying that spending should not be determined by whether oil prices are high or low.
“The various tiers of government must spend in line with the economy’s needs and its ability to absorb those resources.”

Rdokoye

March 28th, 2008, 03:10 PM

GLO TO COMMISSION OWERRI OPTIC FIBRE

The Imo State Capital, Owerri is now ready for the commissioning of the second south eastern leg Globacom’s nationwide optic fibre transmission network.

Governor Ikedi Ohakim, launched the Owerri-Onitsha route of the project at Globacom’s Glo Base Station, in Owerri today (27/03/08). The commissioning of the Owerri-Onitsha leg follows the successful flag-off of the Onitsha-Awka route by Governor Peter Obi of Anambra State in Onitsha on March 13.

Globacom’s optic cable is an advanced and most reliable transmission network which offers a much faster transmission of data, voice and broadband internet and multimedia services. It is expected that the launch in Owerri would lead to a significant improvement in the quality of telecom services in Imo and Abia States and adjoining communities

http://www.imostate.gov.ng/news40.html

Rdokoye

March 28th, 2008, 03:20 PM

Geometric Power Plant: Anambra to transfer excess supply to Nnewi

Written by Vincent Ujumadu
Thursday, 27 March 2008

AWKA — THE Government of Anambra State is working out the possibility of transferring to Nnewi, the excess power to be generated by the Geometric Power Plant in Aba, since there were indications that the company’s expected output would be more than what is required in Aba.

The $360 million Aba investment, which is a collaboration of the World Bank Group, the European Investment Bank, some Nigerian banks and Geometric Power, is expected to generate 188 megawatts by December this year and would increase to 1000mw by 2011.

Governor Peter Obi said he has already appealed to the Federal Government to extend the lease granted to Geometric Power, currently building Plant, to include Nnewi in its programme.

According to the governor, the government of Anambra State was ready to partner with Geometric Power, under a PPP arrangement to quickly address the Nnewi power problem.

He observed that an improved power supply to Nnewi would have a multiplier effect on the Nigerian economy as the power meant for the town from the public power supply would be released to other parts of the country.

Rdokoye

March 28th, 2008, 03:25 PM

Nigeria's advertising industry worth N5 billion, says APCON

UNDER a current assessment by the sector operators, the worth of Nigeria's advertising industry has been put at over N5 billion.

Chairman of the Advertising Practitioners Council of Nigeria (APCON), Mr. Chris Doghudje disclosed this profile at this year's advertising forum, held in Lagos yesterday, noting that the sector had come of age and can now be placed on the same pedestal with its counterparts in the developed economies.

The theme of the forum is "Who is Killing Advertising? ''.

The APCON chief, however, said that he was at a loss as to whether the supposed killing of the industry was a myth or reality.

He described the advertising industry as very vibrant, saying that he found it strange to deliberate on the topic.

"Besides, the signs from the banking and telecoms sector do not indicate a downturn in the industry in anyway,'' Doghudje said.

He said that the choice of the theme of the forum was informed by the desire to make the business of advertising profitable not only to the media houses but to all stakeholders.

"Because advertising contributes to the growth

of the economy, nobody would want to kill it,'' he said.

He said that the success of any business in a growing economy like Nigeria depended to a large extent on advertising.

The Minister of Information and Communications, Mr. John Odey, described the advertising industry as a major contributor to the country's Gross Domestic Product (GDP).

Odey who was represented by Mrs. Nancy Oghenekaro, described advertising as a big employer of labour, saying that all hands must be on the deck to keep it going.

"Advertising agencies and media organisations employ more than 100,000 Nigerians in advertising functions'' he said.

The minister advised APCON to reach out to Small and Medium Enterprises (SMEs) to enable them take advantage of the huge benefits in the industry.

Rdokoye

March 28th, 2008, 03:29 PM

Obi Commissions Community Projects In Enugwu-ukwu

By Chukwujekwu Ilozue, Reporter, Onitsha
Fri, 28 Mar 2008 00:00:00

Anambra State Governor, Peter Obi, has commissioned projects executed by Urunnebo village in Enugwu-Ukwu.
He disclosed while commissioning the projects that the government would complete two major water schemes and 400 boreholes before the end of the year.
The projects he commissioned include an assembly complex, health centre, boreholes, road network, computer centre and business centre.
Obi said the initiative was in line with the policy of the state government to institutionalise community-driven development programmes.
He commended the community for peaceful and harmonious co-existence that paved way for the remarkable achievement.
He called for support to enable the state government sustain prudent management of resources to build a future with opportunities for children.
In his remarks, the President General of the community, Sir Tony Okeke, explained that they executed the projects by emulating the Anambra State Integrated Development Strategy (ANIDS) at the community level, which yielded the expected goals.
He commended the governor for his vision and achievements within two years.
The chairman at the occasion, Mr Chris Okoye, enjoined the government to put in place the necessary institutional and legal frame to cement the public-private-community partnership introduced by Governor Obi.

Rdokoye

March 28th, 2008, 03:32 PM

Abia Awards Aba Drainage Contract

By Ben Duru Correspondent, Umuahia
Thu, 27 Mar 2008 00:00:00

Abia State government has awarded contract for the de-silting of the gutters and the opening of the underground drainages in Aba in a bid to forestall the submerging of the entire area.
Already, the contractors have mobilised to site and the project is expected to be a relief to the people of the commercial area, who have cried to successive administrations to no avail in their bid to draw attention to the sinking of the area.
According to the Special Assistant to the Abia State governor on Project Monitoring, Dr Jude Nwokoro, the present administration is determined not only to tackle the problem of drainages in the area but to ensure that other dividends of democracy are delivered to them also.
“The problem of Aba is not new. I can tell you authoritatively that as we’re speaking now, the contract for the de-silting and opening of the underground drains to control the flooding of Aba has been awarded and the contractor is on site,” he said.
According to him, the contractor “has commenced work on the Hospital Road underground drainage system. He has also moved to Azikiwe Road. So before the rains come proper, I’m sure he would have opened the drains there.”
The special assistant was of the view that the present administration has done well in bringing hope to the people of the state and that since coming to power it has been all work and no play.
For instance, he explained that the major problem the people living in the capital city, Umuahia suffered before now was that of lack of water and electricity but that these things are already becoming a thing of the past.
“Water runs day and night now in Umuahia and this are something that we have never witnessed in the past. We have street lights now and the security of the place is guaranteed,” he said.

Rdokoye

March 28th, 2008, 03:38 PM

Imo Wonderlake Will Become Africa’s Best Tourist Centre – Nzepuome

Wed, 26 Mar 2008 00:00:00

In an effort to boost tourism in Imo State, the Ikedi Ohakim administration has commenced the repackaging of the Oguta Motel to attract foreign exchange. The man behind the Imo Wonderlake Resort and Conference Centre in Oguta, Joe Nzepuome, believes that the concept will revitalise the economy of the state and place it on the world tourism map. He recently spoke to Correspondent, Uche Nwosu, on the project among other issues. Excerpts:
What is Imo Wonderlake Resort and Conference Centre all about? And how is it going to impact on the people of the state?
Imo Wonderlake Resort and Conference Centre is the brainchild of his Excellency, the executive governor of Imo State, Chief Ikedi Ohakim, who came in and saw the massive ubiquities of poverty around Imo State and South East and started work on how to impact directly on the lives of those being governed. The need to transform Imo State led the governor to Oguta as part of the areas that need that kind of improvement. Seeing the beauty of that area, as the second largest lake in West Africa, after Lake Chad, seeing the enormous amount of land space there, he said how can anybody let this go; and he got the concept to materialize; that’s how the Imo Wonderlake came into being today. He searched around and of course, I was around and he appointed me to help conceptualize the idea.

How would Imo indigenes and indeed Nigerians benefit from this concept?
The benefits are enormous. Once we get started, it will employ at least 15,000 to 20,000 Imo citizens. There would be back and front-end benefits to related industry. The transportation industry will gain immensely, even the airport; the Imo Airport will be the greatest beneficiary of the Imo Wonderlake Resort and Conference Centre. You see; airlines would be hustling to come into Imo because the number of passengers heading to the state will be enough.
You talk about the taxi service that will come out of this; not to talk of the confectionaries, the food; people selling T-shirts, the hotel service industry; you talk about the construction industry. When the work of construction begins in that area, the multiplying effect of construction to the citizens of the state will also be enormous. When you employ about 10,000 people, if you do the mathematics, one person may be feeding about five persons. So you do the multiplication and see the multiplying effect. You should also consider the security aspect of it. One employment provides security to the people and it prevents people from getting involved in the wrong things. Armed robbery will be reduced, security will be provided and employment will be there and of course, peace of mind to the families will also be there.

The main reason tourism does not thrive in the country is because of the problem of insecurity. How would you tackle the issue of security?
Let us start from Nigeria; one of the seven point-agenda of the President is tourism. You see, they say great minds think alike. One of the major programmes of Ikedi Ohakim is tourism. And when you look at some of the changes that are happening now in the state, they’re all intertwined. When you look at the “Clean and Green Initiative,” which is to keep the environment and the mind clean and you start thinking positively; when you look at the transportation service i.e. the inner city and urban transportation service, that has been introduced, when you look at the airport service that has been introduced, when you look at the cleanliness of the airport, when you look at the operation festival which the man has been able to put in motion, which is a security outfit like no other in Nigeria where all the 27 local government areas are tied centrally to the Commissioner of Police; the governor can sit in his bedroom and tap his laptop and see what is happening in the state, you know that he’s serious.
Now, we’re beginning to sleep with our eyes closed. You no longer see the armed gangs that used to run riot in Imo State. People were able to sleep during the last Christmas festivities and this has continued. So, the things being put in place can curb or curtail the massive insecurity problem that used to exist in the state.

Rdokoye

March 28th, 2008, 03:41 PM

Nigeria to get Internet boost

Written by Hamisu Muhammad
Wednesday, 26 March 2008

The Nigerian Communications Satellite (NIGCOMSAT) Limited has signed a Memorandum of Understanding (MoU) with Linkserve Limited to deploy low-cost internet access.

The agreement allows the companies to share a common vision on the need to fast-track the process of addressing the challenges of communication in Nigeria, importantly, in providing cost-effective communications solutions in the country.

Speaking at the signing of the agreement yesterday, the Managing Director of the NigComSat Limited, Engineer Ahmed T. Rufai said his company is the pioneer in providing Ka band services in whole of Africa.

He said for the past seven months, the management of the NigComSat has been deploying the necessary infrastructure that will enable it meet the market challenges.

"We are going to bring out our strength with this type of networking in the industry, now environment is set for Nigerians to start enjoying the service of NigComSat," he said

He said the basis of the MoU, include, efficient Internet access, communication products, Voice over Internet Protocol services, and corporate Local Area Network connections via VSAT Satellite modems, among other benefits, will be available to rural areas, corporate enterprises, schools and government clientele over an initial period of five years.

He said this singular act of strategic cooperation will have a positive multiplier effect on the growth of the Nigerian economy and the quality of life of the citizenry particularly in terms of access to the resources of knowledge for social, economic and political participation.

Rdokoye

March 28th, 2008, 03:43 PM

Firm set to invest N45bn in Tafawa Balewa Square

Written by Abdul-Rahman Abubakar
Wednesday, 26 March 2008

BHS International has declared readiness to inject N45 billion into renovation and upgrading of the Tafawa Balewa Square in Lagos.

The firm, which secured the concession right for the square from the Bureau for Public Enterprise (BPE), said it would commence the process of physical take over of the property.

A statement signed by the Corporate Affairs Officer of BHS International, Mr. John Adebayo said the square "Will house a 5000-seater convention centre, several conference halls, 5 star hotels, 10,000 spaces car parking, 1,500 spaces shopping mall, 10 floor creativity blocks, 60-floors offices and business park and 200 luxury apartments."

The firm said the new Tafawa Balewa Square will be designed, "To produce a world class city centre, patterned after Sandon City Centre of South Africa."

The statement said failure of BHS International to take over management of the square from the Tafawa Balewa Investment Limited, "Angered the presidency and the National Council for Privatization as the square had never been painted repaired nor had any renovation over many years."

BHS international therefore declared its readiness to take over the square in line with a correspondence dated November 1, 2007, signed by the an Assistant Director in the Federal Ministry of Commerce and Industry, D.E Bassey to the Executive Director of the square directing him to allow BHS international take over Tafawa Balewa Square.

ufookoro

March 28th, 2008, 06:09 PM

Africa: Country Now Africa's Largest Telecom Market

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Vanguard (Lagos)

28 March 2008
Posted to the web 28 March 2008

Lagos

Nigeria has been officially declared Africa's largest telecom market, due largely to convergent services deployed by operators in the industry.

The influential global telecom research group, Informa Telecom & Media, in its latest online issue stated that following the industry statistics released early in the year by the Nigerian Communications Commission (NCC) which places total active subscribers' base at 41.5 million "Nigeria has now officially taken the lead as Africa's largest telecommunications market."

Less than 10 years ago, the country barely had 400,000 active telephone lines and with just one state behemoth as monopoly, the state of affairs was chaotic. Former president Olusegun Obasanjo opened up the sector and the first GSM open bid introduced Africa's most populous nation to new entrants like ECONET Wireless of Zimbabwe, (now Celtel Nigeria) and MTN Nigeria Communications Ltd in 2001.

They were joined later by a local new player, Globacom Ltd. "With 41.5 million subscribers, it is now taking a position which was until December 2007 held by South Africa. The continent's most populous country isleading the way in West & Central Africa not only in terms of market numbers, but also with services.

With a regulatory regime which introduced universallicences in the market, services providers are using new business models to improve access to the internet as well as voice communications.

As a result, GSM operators are experiencing competition from companies using alternative technologies, for the benefit of theconsumers," the report stated.

Relevant Links

West Africa
Economy, Business and Finance
ICT and Telecom
Industry and Infrastructure
Nigeria
Urban Issues and Habitation

In a way, the growth could be seen as a regulatory victory for the NCC which through a combination of licences has given operators free choice of technologies to drive their own vision and business plans. That freedom is now pushing the numbers and themarket.

In the relation to the Nigerian approach, "other countries in the region," the report noted, "are beginning to look into the opportunities of convergentor triple play services. France Telecom - Orange Group, with its eight operations in the region (including three launched in 2007) is keen to draw from its experience in Europe to deliver both fixed-line and mobile services".

The report is trailing the forthcoming annual West & Central Africa Com forum slated for Abuja on 18 - 19 June 2009. The Abuja event will extensively discussdevelopments in the region's telecom market drawing participation from across the Middle East & Africa,MEA and Europe.

ufookoro

March 28th, 2008, 06:44 PM

China to invest $50bn in Nigeria

By Daniel Ochefu

The Chinese government will invest $50bn into the Nigerian economy in the next one week, the Minister of Finance, Dr. Shamsudeen Usman has disclosed.

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Speaking at the annual general meeting of the Nigerian Economic Summit Group in Lagos on Thursday, the minister said the decision followed the visit by President, Umaru Yar’ Adua to China in February.

He said the investment was expected to take effect from the first week of April.

A group of nine other companies from Europe are also expected to invest in the nation’s economy in the month of April, the minister said.

He said recent estimates by the Federal Ministry of Finance suggested that infrastructural investments of over $40bn were needed during the next six years in the country to achieve the growth objectives of Vision 20/2020.

But, he said government finances were currently inadequate.

The minister also said it was neccessary to have more public private partnerships in for the country’s growth plans.

The minister said more banks and other financial institutions in the country were being approached.

He said, “We are trying to sustain macroeconomic stability with emphasis on productive investments.

“There is currently a strategic relationship between Nigeria and China. A broad framework for a strategic relationship was agreed upon during the President’s recent visit to China. We have also signed a memorandum of understanding with regards to financial operations between Africa Finance Corporation and other Nigeria financial institutions on the one hand, and their Chinese counterparts on the other. We look forward to more partnerships with private organisations in Nigeria, especially the banks, to get to our destination.”

He said the financial instituttions had greater roles to play in the dream of repositioning the economy to be among the 20 most powerful economies of the world by 2020.

According to Usman, both the finance ministry and the Central bank of Nigeria had strategic agenda for the reform in the banking sector. He said the nation’s economic status among the league of nations was key to the reform.

The minister said the National Planning Commision had worked extensively on integrating NEEDS 2 and the 7-point agenda into a development plan to achieve Vision 20/2020.

On the budget delay, the minister said the president was withholding his assent to the budget because the bill presented to him was not detailed enough. He said apart from some lapses that were noticed in the proposed budget, it was also discovered that some of the clauses in the bill were still unconstitutional, as far as the president was concerned.

“We may have to pay the price of delay and get it right once and for all. It is only by this that whatever is budgeted for can be sustainable,” he said.

The minister said that it was unconstitutional for the government to dispense funds on fresh projects at the moment since appropriated funds had not been approved

muhana

March 28th, 2008, 06:51 PM

Nothing against Kenya, I like the country it is extremly beautiful and very important and strategic for the entire East african sub-region, it has hard-working people ....But Nigeria has always been in another league despite multiple problems it is faced with.

Reasons:

140 million people
$60Bn in foreign exchange resserves
compartively well-placed industrial sector and services (banking)
rising urban middle classes
a huuuuuge diaspora
6 or 7th largest producer of oil IN THE WORLD (!!)
massive gas resserves (larger than those of oil)
untapped mineral wealth

Something that a growing number of investors seem to wake up, FINALLY...and I wonder why it has taken them so long? Investors should learn to differentiate well within Africa it is not a monolith.

PEACE

I think it really boils down to oil. Don't forget, Kenya also has a growing upper middle class, a large diaspora, and a well developed banking sector. And Kenya is still the choice destination for many investors, and will continue to remain so for a veeeeeeeeeeeeerrrrrrrrry long time! So, it's the oil. But Kenya is definitely getting there. Watch this space! :banana::banana::banana:

pappy

March 28th, 2008, 07:47 PM

China to Pledge as Much as $50 Billion in Investment in Nigeria

March 27 (Bloomberg) -- A Chinese delegation will visit Nigeria next month to pledge as much as $50 billion in investment for the African nation's infrastructure, said Nigerian Finance Minister Shamsuddeen Usman.

The delegation is coming in the first week of April with a ``very comprehensive package'' for the power industry, Usman said in a speech today in the commercial city of Lagos.

Nigeria, Africa's largest oil producer and most populous nation, is facing an energy crisis resulting in prolonged power outages and fuel shortages because of inadequate investment in infrastructure.

The lower chamber of the country's parliament is investigating why billions of dollars spent over the past eight years on building emergency power plants failed to produce results. President Yar'Adua in January said his predecessor, Olusegun Obasanjo, spent about $10 billion on the emergency power projects.

``What this economy needs is a massive investment,'' Usman said, adding that some European countries were also planning to invest. He didn't give details. Nigeria needs to add 50,000 megawatts of generating capacity over the next 10 years, compared with the 3,000 megawatts it currently produces, he said.

Nixoderm

March 28th, 2008, 09:13 PM

China to Pledge as Much as $50 Billion in Investment in Nigeria

OMG!! OMG!! :dance::dance::dance::dance::dance::dance::dance::dance::dance:

iluvnaija

March 28th, 2008, 10:11 PM

i knw thts a whole lot o money.......OMD's

Matthias Offodile

March 28th, 2008, 11:32 PM

I think it really boils down to oil. Don't forget, Kenya also has a growing upper middle class, a large diaspora, and a well developed banking sector. And Kenya is still the choice destination for many investors, and will continue to remain so for a veeeeeeeeeeeeerrrrrrrrry long time! So, it's the oil. But Kenya is definitely getting there. Watch this space! :banana::banana::banana:

I know:) Kenya´s is getting back and rising again but believe me there is more to Nigeria than just oil.....it is just like Kenya which is more than just what people assoiciate with it: fantastic tourism and agriculture!:)

Rdokoye

March 29th, 2008, 02:10 AM

Nigeria, S/Africa are Rising Powers –US

From Constance Ikokwu in Washington, DC, 03.29.2008

The United States (US) government has acknowledged a gradual shift in the balance of power around the globe, with Nigeria and South Africa emerging as potential powers in the sub-Sahara African region.
Director for Public Affairs and Diplomacy for African Affairs, US Department of State, Gregory Garland, who gave this hint, said both countries have used their position to positively influence issues on the continent.
He said: “The US understands that there are new, rising strategic powers around the world, including Sub-saharan African nations such as South Africa and Nigeria that have used their diplomatic, economic and military power to shape the continent for the better.
“Mali, Mozambique, Liberia, Botswana, Benin and many other African countries are leading the way as examples of the power of democratic rule of law.”
Garland said this development has informed the United State’s change in its Africa policy. He said although Africa was largely ignored and sidelined, its political and economic progress in recent years has made it strategic.
Garland said further: “In World War 11, Africa was a strategic stepping stone to the places that mattered in Europe. In the Cold war, Africa was a sideshow to the struggle that mattered in Europe and East Asia.
“Even as we Americans set in place well intentioned development policies, it was too often with the idea of doing good for Africa, rather than with Africa.”

De La Canada

March 29th, 2008, 05:16 AM

Nigeria: Fashola Advises Lagosians On N40bn Mortgage Scheme

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Leadership (Abuja)

28 March 2008
Posted to the web 28 March 2008

George Okojie
Abuja

The relentless onslaught against poverty can only be achieved through policies which include the new Lagos State mortgage scheme, which we have instituted to provide affordable houses for low and medium income earners.

This was the view of the Lagos State Governor, Mr. Babatunde Fashola, at the celebration of his 300 days in office at the weekend in Lagos. The governor pointed out that the scheme was one of the most revolutionary and potent weapon fashioned against poverty in the present political dispensation in the state.

According to him, the state has partnered with five banks to inject over N40 billion into the scheme to enable the people to own their homes, over 25 years at a maximum interest rate of 10 per cent, adding that the basic requirement for qualification is the proof of a job and a steady stream of income satisfactory to the banks, irrespective of whether the person is in the public or private sector.

De La Canada

March 29th, 2008, 05:34 AM

$50 Billion......................WOW

De La Canada

March 29th, 2008, 05:35 AM

Nigeria: One Country, Four Economies

Falalu Bello

Nigeria may be one country, but its economic strength, based on the ownership or control of resources that make for economic development, has been grouped into four.

This is the submission of the managing director and chief executive officer of Unity Bank, Malam Falalu Bello, who noted the four economies as South-west economy, South-east plus Delta economy, Northern economy and South-south minus Delta economy.

Bello, who spoke yesterday in Abuja at the opening day of the maiden LEADERSHIP Conference, observed that the aforementioned four economies were fairly distinct, with each economy growing at its own pace.

"The South-western economy is growing at a faster rate than all, followed by the South-east plus Delta economy, whilst those of the North and South-south minus Delta could at best be described as stagnant," he stated.

Giving an analysis of the four economies, Bello observed that while the South-west has its economic strength hinged on the financial institutions, the South-east gains its strength from the control of the nation's commerce, the North has the various reforms that were introduced to thank for its worrisome state but the South-south, despite being blessed with oil, ironically languishes in poverty.

"South-western Nigeria, with a land mass of 76,852 square kilometres and a population of 25.2 million today, owns and/or controls 60 per cent of the nation's industrial capacity, 44 per cent of banking assets, 67 per cent of insurance assets, and is house to the nation's three deep sea ports of Apapa, Tin Can and Roro; the busiest international airport of Ikeja, three thermal stations of Egbin, Papalanto and Ogbomosho.

The South-easterners plus their cousins across the Onitsha Bridge, control commerce in all parts of Nigeria and are thus largely employed. The region has clusters of small-scale industries around Nnewi and Aba. The North, which geographically is 719,435 square kilometers or 79 per cent of Nigeria's land mass, and has 75 million or 53.6 per cent of Nigeria's population, has had its economy, as a consequence of the various reforms introduced, totally grounded. Today, the North has ownership and/or control of no more than 3 per cent of banking assets, 2 per cent of insurance assets and 10 per cent of industrial assets. The South-south is largely in the creeks of Niger Delta, and has therefore a small landmass of only 48,321 square kilometers, and is populated by 13.6 million people. Notwithstanding the fact that it is the house of Nigeria’s oil wealth, this region, exclusive of oil company activities, like the North, is also backward economically. It controls no more than 3 per cent of banking assets, 10 per cent of insurance assets and no more than 10 per cent of industrial assets on the account of oil-related industries that the indigenes do not control," he recounted.

Bello particularly decried the non-exploitation of resources in the Northern region, its poverty and backwardness of industrialisation, despite its huge land mass, population and the automobile, beverages and textile companies that once thrived, and noted that the regions of North and South-south have been made third-and-fourth class citizens. He, however, urged both regions to rally round to help themselves.

"To complement whatever redress may be agreed to by the polity to help the grinding poverty and unemployment in the North and South-south economies, we, the peoples of these regions, need to also help ourselves as nobody will develop our regions for us. I see this conference as one of the avenues that may be used to chart a course for the North. Undoubtedly, reviving collapsed and collapsing industries and building new ones will help," he reasoned.

The disheartening situation, he added, has been compounded by the neglect of the agricultural sector which used to be the mainstay of the nation’s economy with the north controlling a huge share.

"The north has a huge landmass but this has remained underexploited due to the jettisoning of time tested policies of price support, as a result of the scrapping of marketing boards without putting alternatives in place, the abandonment of extension services and quality control, leaving the region with poverty as its major hallmark as recent poverty statistic indicate that the poverty level of states in the North has been on the increase in the last nine years and has reached 80 percent.

The region’s commercial and industrial nerve centres (Kaduna and Kaduna) have seen industrial capacities utilization decline to an all time low of less than 10 percent with the textile, automobile and beverage companies that thrived so impressively in the 1970s and 1980s have collapsed landering thousands jobless.
He challenged leaders of the region to set up micro credit banks in the various states of the region to turn the ill fortunes of the north around, including the demoratisation of education and a declaration of an outright war against corruption and theft of government resources at all levels.
Earlier, in his opening remarks, the chairman/editor-in-chief of LEADERSHIP Newspapers Group, Sam Nda-Isaiah, organizers of the conference, tasked leaders of the region to move with changing times and trends, by exploring new ways of doing things, "If textile was staple in the north many years ago, it is something else today. All over the world today, there are talks about alternatives to crude oil, China, India and countries of Southern Africa are in the fore-front of biodiesel production from non-crude source. The production of biodiesels will be key in the coming years as nations of western deemphasizes their dependence on crude oil.
Other speakers at the occasion were General T.Y Danjuma, (Rtd), who was chairman of the occasion; governor Babangida Aliu of Niger State; Mallam Abba Kyari, former MDCEO UBA plc. President Umaru Musa Yar’Adua represented by the Minister of State for Commerce and Industry, Ahmed Tarba Bichi, expressed his government’s readiness to consider recommendations from the two-day conference which continues today.

The Government needs to do something about the Northern and South south States if Nigeria is too continue to grow further...more invesments in those areas perhaps?

Rdokoye

March 29th, 2008, 07:56 AM

Why should those states be favoured over the others, bearing in mind most of south west's economy activity is centralised in one state (Lagos), the poverty in those regions is a direct result of poor management/leadership, it is there, I think they should put their focus, not on additional spending.

Just my opinion, I could be wrong.

Michaelda

March 29th, 2008, 08:41 PM

they need to stop allocating things based on ethnicities. i mentioned that once here and someone jumped and me and said i was raising the ethnic issue when it issnt there, but clearly its there and needs to be addressed. there is no reason that calabar port, one of the oldest in africa, has not been dregded and modernized. or that onitsha lacks and inland port. i cant even begin to talk about the problems in the niger delta despite the oil wealth.

health competition between the states should be fostered by decentralizing the government, making everything top down allows the federal governemnt to pick and choose where to locate good projects instead of allowing competition and merit to determine those things

De La Canada

March 29th, 2008, 11:41 PM

The thins is tho, these northern states have to step up big time too much corruption. Problem is they are way to conservative for change compared to the south east and south west which are pretty liberal.

The problems facing the south south is equally corruption. Hopefully with the new governors there will be change

Michaelda

March 30th, 2008, 03:19 AM

sammyjay77

March 30th, 2008, 11:29 AM

World Bank ranks Nigeria among world’s top 20 markets

World Bank ranks Nigeria among world’s top 20 markets

The World Bank and International Finance Corporation have ranked Nigeria among the top 20 emerging markets in the world.

Nigeria is ranked alongside South Africa, Morocco and Egypt from the Africa continent.

The Deputy Director/Special Assistant to the Director General, Securities and Exchange Commission, Mr. Mohammed Usman, disclosed this at an interactive session with capital market correspondents in Lagos on Thursday.

He noted that although the country’s capital market deserved the inclusion, it was a honour to be among the list of the two giant institutions. He said, “Being among the top 20 in an emerging market is not a small achievement because it includes the big countries like Brazil, Russia, India and China.”

Explaining the development, Usman said the parameters developed by the institutions to determine which countries made the list, would serve as a veritable guide for international institutional investors when deciding on the flow of funds.

“This can only be good for Nigeria as a lot more people are now looking towards the Nigerian capital market for investments from outside. It is a credit to our market, which is already a good selling point,” he said.

He further maintained that the index was needed for several statistics.

“In the last year, the outperforming stocks on the Nex-Rubica Africa Top 40 Index have been Nigerian financials. One key attraction is that the risk/return profile in the Nigerian market is generally uncorrelated to western markets. Starting from a relative low base, Nigeria has the momentum in terms of its population, resources and growth potential to catapult it to the first rank of emerging market economies,” Usman added.

He, however, observed that the capacity of the market regulators and operators in the Nigerian capital market appears to have been sadly overstretched without a contigent safety net put in place. Usman said while attention was being received from the responsible officers, the market must recognise that the ultimate goal of the index being developed was how to protect the investors still beset with numerous challenges.

sammyjay77

March 30th, 2008, 11:49 AM

Demystifying progress, the Lagos experience

Demystifying progress, the Lagos experience

In the spirit realm, faith is described as 'evidence of things not seen'. In the physical however, faith is the evidence of good work built up painstakingly, brick by brick and with the passage of time.
This is especially so in the realm of politics where over time, leader after leader in our world has built for the people, castles of falsehood which come crashing down with the first waves, leaving the people in dismay and with sand in their eyes.
This painstaking build up of good work is so hard to find, that when you do find it, it shines like a thousand stars, soothes the spirit and then engenders hope, which itself cures all.
Such is the case in Lagos State these days where you ride home in the evening on rugged pothole riddled roads and wake up in the morning to find the foundations in place for smooth paved roads with sidewalks and shortly after actually find yourself driving on smooth paved roads or walking on clean sidewalks unhindered by the usual myriad noisome vendors.
And then you find a clearing away of the ramshackle shops and shanties which clog vehicular traffic and hinder pedestrian movement in this Lagos State of ours which houses 15 million people and in which disorder was the order and still is in a way and where we were told that the petty trader and the miscreant were king.
And in this same state of Lagos in which we were told that the drains were too blocked to be cleared and decent public transport could not be arranged and the state could not provide security for the people because there were simply too many people and because hoodlums and heinous cabals were a part of the polity.
Today, Lagos is beginning to resemble a mobile phone company catch line which tells us that impossibility, not possibility is the impossible and that men of vision, grit and goodwill can move mountains for the good of all.
So, Kudos to Governor Babatunde Raji Fashola of Lagos State who has set the foundation for breaking several fearsome and overlapping myths of impossibility that shrouded Lagos and proved that Lagos can be good, clean, organized and hospitable.
For sure, he has run only a fraction of the race and is still trudging the track of this marathon. But so far, Fashola has put up a sterling performance and he deserves praise and encouragement.
Importantly also, Fashola has to this point delivered a class act and set an example for other state governors and leaders at all levels of life in our great country.
The new look of Lagos will startle the long stayaway from this mega city. And if progress is continued at the current pace, Lagos will have undergone a relative metamorphosis by the end of this government's first term.
With internally generated revenue now hovering around N10 billion monthly, in sharp contrast to the N600 million annually in 1999, this government has demonstrated that development in Nigeria does not depend on oil money. Fashola's government has also demonstrated how willing the citizenry can be willing to cooperate in development efforts, even when it is to their detriment.
Upon all of the demolition exercises going on in the state, few are opposing and grumbling about the development. And although the tax net continues to widen, the populace seems impelled to abide. This is probably because they see that their tax revenue is being put to use.
Still, the battle is not over and he must continue to gird his loins and keep the faith. As he is most aware, it is still a long way to go.

Matthias Offodile

March 30th, 2008, 03:18 PM

World Bank ranks Nigeria among world’s top 20 markets

Very good news:cheers:

But tell that to Popa1980 and he still won´t believe it...maybe Yar´adua has given a cheque to the World Bank to make such reports, he might feel tempted to say:lol:

adebayoa

March 30th, 2008, 05:39 PM

Very good news:cheers:

But tell that to Popa1980 and he still won´t believe it...maybe Yar´adua has given a cheque to the World Bank to make such reports, he might feel tempted to say:lol:

who is Popa1980? Oh yeh, forget about him Matthias.

Rdokoye

April 1st, 2008, 05:21 AM

6000mw Possible Next Year, Says C’ttee

• FEC to adopt strategy for additional 16,000mw
From Juliana Taiwo in Abuja, 03.31.2008

Nigeria can meet and surpass the target of 6000 megawatts in 18 months with an injection of more investments, the interim report of the Presidential Committee on the Accelerated Expansion of Nigeria’s Electricity Infrastructure has said.
Nigeria currently produces a little below 3000mw but needs at least 6000mw to meet current national consumption demand – and at least 10,000mw if the whole country is electrified as only 30 per cent of the population have access to electricity.
Special Adviser to the President on Communications, Mr. Olusegun Adeniyi, said in a statement yesterday that the Federal Executive Council (FEC) would on Wednesday devote its meeting mainly to the consideration of recommendations for an additional 16,000 megawatts of power supply contained in the interim report of the committee.
Adeniyi said this is in accordance with the high priority and urgency President Umaru Musa Yar’Adua attaches to the rapid resolution of Nigeria’s power supply problems, the President will, during the FEC meeting, present the interim report for critical analysis, review and adoption.
“After working on its assignment for one month, the joint government/private sector committee has reported to President Umaru Musa Ya’Adua that the target of 6,000 additional megawatts within 18 months can be exceeded with the investment of $2.7 Billion and the Federal Government’s direct intervention in critical areas.
“The committee said in its interim report to the President that 1450 additional megawatts can be realised from existing PHCN plants, 3368 megawatts from ongoing NIPP projects, 640 megawatts from the Shell Petroleum Development Company’s Afam/Okoloma Joint Venture and 805 megawatts from Legacy Independent Power Projects.
“The Committee also submitted that the medium term goal of 10,000 additional megawatts by 2011 could be jointly met by the PHCN, Joint Ventures, the NIPP and newly licensed Independent Power Producers,” Adeniyi said.
The governmental interventions sought by the committee include immediate action to implement the Electric Power Reform Act 2005 and the approval of private sector structured financing with international management oversight of financed assets, he added.
The committee which reiterated the willingness of the private sector to collaborate with the Federal Government in funding power supply projects, also called for accelerated action on the Multi Year Tariff Order and the Power Consumer Assistance Fund.
“President Yar’Adua assured the committee that he will take account of their recommendations in declaring an emergency in the power sector.
“This administration is committed to finding lasting solutions to our power supply problems by collaborating with all the relevant stakeholders. What Nigerians expect, and indeed deserve, is to see light at the end of this long tunnel and we cannot afford to fail,” Adeniyi quoted him as saying when the committee members came to submit the report.
The report was presented to Yar’Adua by the Chairperson of the Committee and Minister of State for Energy (Power), Mrs. Fatima Balaraba Ibrahim.
Other committee members present at the occasion were Stanbic IBTC Chairman, Mr. Atedo Peterside; Dangote Group Chairman, Alhaji Aliko Dangote; Africa Finance Corporation CEO, Mr. Austin Ometoruwa; Exxon Mobil Executive Director, Mr. Cyril Odu; Wempco Managing Director, Mr. L. Tung; Sahara Energy Executive Director, Mr. Kola Adesina; National Electricity Regulatory Commission (NERC) Chairman, Dr. Ransome Owan; Chief Economic Adviser to the President, Mr. Tanimu Yakubu; NNPC GED, Exploration and Production, Mr. C. Ogienmwonyi; Maryland & Co Managing Director, Engr. Jacob Alade and the Special Adviser to the President on Power, Mr. Joseph Makoju.
Yar’Adua inaugurated the committee on February 15, 2008 and charged it with the responsibility of formulating plans and strategies to boost Nigeria’s power supply capacity by 6,000 Megawatts within 18 months, with an additional 10,000 Megawatts by 2011.

ufookoro

April 1st, 2008, 01:41 PM

Nigeria: China to Invest Over N1 Trillion in Country - FG

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This Day (Lagos)

31 March 2008
Posted to the web 31 March 2008

Lagos

The Federal Government said yesterday in Abuja that the Chinese government has signed agreements with Nigeria to invest over N1 trillion to buoy the country's economy.

The Minister of Finance, Dr Samshudeen Usman, said that about N340 billion (US 2 billion dollars) agreement was signed as concessionary loan, while another N80 billion (US 0.5 billion dollars) was clarified as concessionary to be invested in the country.

The Minister, who spoke to newsmen on the details of President Umaru Yar' Ardua's visit to China a forthnight ago, said the discussions in China were to woo investors into key sectors of the economy, especially in improving infrastructure.

He said all the loans fall into categories of long-term repayments at low interest rates, as contained in the country's new policy to check debt overhangs.

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"A grant agreement was signed between the Nigerian and Chinese governments for the building of hospitals, schools and anti-malaria projects, envisaged for completion in the next two years.

"To this effect, the government of China is to provide the federal government of Nigeria with two grants totalling N1.9 billion, which is about 80 million Yuans (US 11.42 million dollars)," he said.

Shamshudeen said an agreement of another N8.5 billion (US 5million dollars) was signed for the supply, installation and commissioning of Global Open Trunking Architecture (GOTA ) security communications between a telecoms firm, ZTE and the government. According to him, the China National Oil Corporation (CNOOC) also indicated its interest to invest in the refineries and the petro-chemical industries, agriculture and tranining projects for Nigeria.

Michaelda

April 1st, 2008, 02:13 PM

pappy

April 2nd, 2008, 12:01 AM

6000mw Possible Next Year, Says C’ttee

They better not be telling ducktales. Steady power supply will go a long way in solving alot of problems in that country.

tomiwalker

April 3rd, 2008, 03:36 PM

The Federal Executive Council (FEC) yesterday approved the blueprint submitted by the presidential committee on power paving the way for a private-sector-led development of the power sector.

Briefing State House correspondents after the FEC meeting at the presidential villa, Abuja, John Odey, minister of information and communications, accompanied by Fatima Ibrahim, minister of energy (power); Godswill Orubebe, minister of special duties, and Ibrahim Nakande, minister of state, information and communications, said government was keen on ensuring additional capacity was generated, transmitted and distributed effectively.
Odey said the council at its meeting “approved the measure being put in place to increase the current electricity supply in the country to 6,000 megawatts (mw) in the next 18 months (short term) and to add a further 10,000mw by 2011 (medium term) as recommended by the committee.
FEC, in view of the administration’s seven-point agenda as it relates to energy supply and generation, “considers it necessary to take measures in the short term and medium term to ensure that additional capacity is generated, transmitted and distributed to consumers.”
Business Day has learnt that the presidential committee’s report, which was presented to the council in a power-point presentation by Austin Omutoruwa, president of the African Finance Corporation (AFC), is built on a number of planks, principal of which is the creation of a special purpose vehicle (SPV), the commencement of multiple year tariff order (MYTO) and the reworking of gas investment to accommodate domestic consumption of power.
The committee expects that the SPV will have the authority of the president to manage all the projects, create tight controls with adequate speed and have as its head a credible figure with independence of mind and who is known not have any ambition to make a career out of the power sector.
The MYTO will involve the upward adjustment of electricity tariff, which has remained unchanged in the past six years and at half what is applicable in neighbouring West African countries.
According to one source, the Power Holding Company of Nigeria is today bankrupt because there was no allowance in the current tariff to meet its obligations to power suppliers like Agip and AES which supplied between them about 750mw of power to the national grid.
“ As a result, Agip, which was expected to have commenced the construction of the second phase of its plant in Delta State, has simply not been motivated to do so because of huge debt owed by the PHCN.”
On the gas supply challenge, our reporter has gathered that the maximum amount of gas that can be made available to power plants today can power only 4,650mw far short of the president’s target of 6,000mw and to meet the shortfall, there has to be an improvement on the ability of the PHCN to power it as well as government’s intervention to create an attractive environment for private sector in the production and distribution of gas.
Ibrahim says government through partnership with the private sector intends to strengthen and rehabilitate existing infrastructure with a view to achieving the 6,000 megawatts target within the 18 months period under the short term arrangement.
She adds that government also plans to strengthen the distribution network and supply plants with gas to power all existing turbines.
All these, Ibrahim says, will assist government in attracting both local and foreign investors to the power sector.
“In the past, there was no conducive environment for the private sector to participate in the development of the power sector. For now, we expect the funding to come from the private sector. It is very unrealistic for the government to provide the funding alone.
“Many companies have shown interest in partnering with the government on the power sector project but we will be able to say who and what will be involved after due diligence. It is only then can we say how much will be involved.”
The minister, however, says government will declare a state of emergency in the power sector when a technical audit set up by government to determine what and how the government can achieve the 16,000 megawatts of power by 2011 submits its report.
“We expect the declaration of a state of emergency very soon. We expect it when we come to council. It is after the report that we can determine who will be brought in, how much will be required and when we will start to expect results.”
She hints that the technical committee’s report will be ready by the next meeting.
In order to solve the intractable problem of the power sector, a presidential committee on accelerated expansion of electricity infrastructure was inaugurated on February 15.

ufookoro

April 3rd, 2008, 03:51 PM

About Time.
Awake! Nigeria

sammyjay77

April 3rd, 2008, 04:32 PM

Power is No 1 on Yar A Dua's priority list. He knows without power all talk about being one of the top world economy is absolute lip service...I really commend him for all his effort about putting that area in order

sammyjay77

April 3rd, 2008, 06:04 PM

Nigeria: Abuja Rail Mass Transit System Will Be Gas-Powered - FCTA

Vanguard (Lagos)

By Adekunle Aliyu
Lagos

THE Federal Capital Territory Administration (FCTA) says the Abuja Rail Mass Transit System, for now, will be gas-powered.

Secretary of the Transport Unit, Mr Christopher Chigboh, told the News Agency of Nigeria in Abuja that the metro transport system was designed to run on both gas and electricity.

"The metro system will be gas-powered initially, then in the near future when the energy supply becomes more stable, we can convert to electricity," he said.

He said that the Abuja master plan had been all-inclusive with the provision for the metro transport system.

"It is not new, the 1981 Abuja master plan for metro system was designed and NEPA was fully involved.

"NEPA had a copy of the master plan of the energy requirement of the city," he said in answer to what role NEPA now known as PHCN would play in the project.

The project would come in two different models, namely the "Light Rail Transit (LRT) and Rapid Rail Transit (RRT).

The LRT is low-speed, fewer coaches and will operate within the city centre. The RRT is high speed, more coaches and designed to cover the FCT.

NAN also learnt that the project was designed by CPCS Transport Nigeria Limited to be built by China Civil Engineering and Construction Corporation (CCECC).

ufookoro

April 3rd, 2008, 06:14 PM

Vodacom plans to buy NITEL, Mtel
Bode Adewumi,Lagos - 03.04.2008

Strong indications have emerged that South African telecommunications giant,Vodacom, is top on the list of contenders for the final acquisition of the Nigerian Telecommunications Limited(NITEL) and Mobile Telecommunications Limited(Mtel).

According to investigations by the Nigerian Tribune, the company has commenced negotiations with the Federal Government on the modalities for the eventual take over of the two companies in due course.

Under the arrangement as the Nigerian Tribune gathered,Vodacom would have 51 per cent share, Transcorp, 22 per cent while the Federal Government, IILL and NigComSat will all share 27 per cent shares.

Even though the government, through the Bureau of Public Enterprises (BPE), has announced the auction notice of the contentious companies, it was gathered that this was a mere formality as all arrangements had been concluded to hand over the companies to Vodacom.

Vodacom has not hidden its desire to enter into the Nigerian telecoms market after its brief stint with Vmobile after the company fell out with Econet of Zimbabwe.The brief romance with Vee Network Nigeria hit the rocks following disagreement on the percentage of equity shares before Celtel finally took over Vmobile in 2006.

Moonblue

April 3rd, 2008, 06:30 PM

@sammyjay77, what effort has Yaradua made to the power sector that is commendable? All he has done so far is talk about "plans", didn't OBJ do thesame thing? And $16 billion later, nothing different and no improvement. As far as i am concerned, Yaradua has not done anything genuinely commendable or delivered any real substance in leadership, all one can say is that he seems like a nice person, what has that got to do with leadership? Lagos is the only place that seems to be enjoying good leadership. I can list Fashola's achievements, what achievements can we list for Yaradua? Where are the fruits of this so called commendable leadership so that we can see for ourselves?

oshon

April 4th, 2008, 02:19 AM

Lagos Free Trade Zone to boost Nigeria’s economy
Thursday, 03 April 2008
The Honourable Minister of Finance, Dr. Shamsuddeen Usman, has affirmed that the petro-chemical and seaport projects at the Lagos Free Trade Zone (Lagos FTZ) will contribute significantly to the growth of the nation’s economy when fully operational.

The minister made this affirmation during a tour of the facility last weekend. According to Dr. Usman,

“I am very impressed with what I have seen here today. With the facilities on ground, and the vision of the promoters, the project is sure to have an enormous impact on our economy.”

Dr. Usman also said, “The tour has been an eye-opener for me as it shows the great potential we have as a nation. It is clear that with long term planning and sufficient time to execute, we can reap the full benefits of our abundant natural resources.”

The Lagos FTZ project includes an Integrated Gas to Polymers (GTP) plant operated by Viva Methanol Limited, and a deep sea port which will be the largest of its kind in West Africa.

Commenting on the GTP plant, Mr. John Mastoroudes, Executive Director of Viva Methanol Limited said, “With Nigeria’s abundant gas supply, the Viva Methanol plant, when fully operational, will upstage Singapore as the largest in the world with an annual capacity of more than 3.3m tonnes of methanol.”

Mr. Kundan Sainani, Finance Director of Viva Methanol Limited, emphasized the company’s commitment to the success of the GTP project. He disclosed that the project would gulp $4 billion on completion.

Mr. Sainani also said, “With the GTP plant as an anchor tenant on the site, the Lagos FTZ will attract associated downstream, support and ancillary industry into the value chain thereby establishing itself as a specialized world-class petrochemical park.”

Commenting on the deep sea port, Mr. Anand Sivaram, Managing Director of the Lagos Free Trade Zone Company said, “The port at Lekki will be the largest in West Africa. It will have a 16m/17m draught and will be able to accommodate large size vessels with a capacity of about 8000 TEUs.”

With its extensive water-frontage, accessibility to the Atlantic Ocean, good road network to Lagos and the surrounding hinterland, and readily available land with potential for expansion, the Lagos FTZ is set to be a major hub for business in West Africa. It will also create employment for many Nigerians due to its size, and the various companies within it.

The Lagos FTZ is located in Ibeju-Lekki, approximately 65km east of the city of Lagos. The current phase covers 218 ha while the second phase will cover 1,275 ha.

oshon

April 4th, 2008, 02:23 AM

Premier Nigerian computer brand, Zinox, last week got N3.5bn new fund injection in a move the owners said would help meet the demand of a very responsive market and also help position the brand as the computer of first choice across the West African sub-region.

“We are ambitious and want to change the landscape in 18 months,” Mr. Leo Stan Ekeh, Chairman of Zinox Computers told Vanguard when we sought for clarifications on the purpose of the fund.

The fresh fund is coming from the three main owners, namely: Stan Technologies of Nigeria, Mustek of South Africa and Alhaner Ventures of France.

After a board meeting of the company directors in Lagos, it was David Khan of Mustek South Africa who voiced the confidence of the investors when he hailed the Nigerian market for delivering the numbers, promising that the directors would continue to put more funds until they achieve the company of their dream that will be a major stimulus to the growth of the ICT sector in the country.

A summary of focus areas include the plan to acquire majority shares in some local Nigerian computer companies, deployment of world class infrastructure which will accelerate expansion plans, and launch of a large software company, among others.

Apart from growing the market and acquiring more technologies that will make the Zinox systems more robust, a major concern being addressed is the rate at which computers will be available to buyers. The new fund will also allow Zinox to give out computers at interest free rate and thus encourage computer penetration and usage across the country.

Giving reasons for this bold venture, Ekeh told Vanguard: “We are set to launch interest free computer ownership scheme to Nigerians. After a successful launch of Zinox Student Computer Ownership, ZSCOP, and the current Computer Discount Scheme currently funded by a Nigerian philanthropist, few foreign interests have approached Zinox to use us as a credible platform to really test the reliability of the Nigerian consumer when it comes to items bought on credit.

Zinox has been selected as a platform to increase IT penetration in West Africa and we are presently working out the modalities. Ultimately, Zinox hopes to achieve an offer of Zero interest for those Nigerians who are qualified,” he promised.

Currently running neck to neck with HP on market share, according to figures by the International Data Corporation of the United States, IDC, and the only Microsoft certified OEM in West Africa, Zinox in the explanation of Ekeh is presently building the largest computer assembly in the whole of Africa, and hopes to launch a major software company in partnership with some Asians by 2009.

On what marks Zinox out as a unique brand, media manager for Zinox, Mr. Echika Ezuka had told Vanguard. “Zinox is the only Microsoft certified OEM partner in West Africa and the largest Intel corporation partner in Sub-Saharan Africa.

Zinox presently has twelve sales and support offices nation wide and intend to increase this to twenty by the end of 2008 in order to reduce the total cost of ownership of computers by being close to our customers so that when they have challenges we are there for them. Nigeria is becoming a dumping ground for all sorts of computers and we hope the Nigerian consumers insist on their right for at least twelve months comprehensive warranty,” he said.

Ekeh also informed that by way of preparing for the expansion and rising demand Zinox was investing heavily in human capital. “We have just hired over forty new graduates for the first phase and they are all Nigerians.”
Khan remarked that what Zinox is doing is the only way for African countries to witness growth, when they are able to retain talents and skills within their countries.

“One of the things that African countries need to do is the need for skills to stay in the country. Like the BEE – Black Economic Empowerment which encourages local skills and economic participation in South Africa, local empowerment is critical to the success of any economy,” Khan explained.

Ekeh told Vanguard that for a fresh graduate to play a role in Zinox, that graduate would have to be incubated for at least nine months on the expense of his organization.

Zinox debuted in 2001 as the first internationally certified brand of Nigerian computers. By the end of the year the company hopes to expand its support network to 20 locations across the West African sub-region.

For the progress the company has recorded within this short period, Khan hailed Ekeh, asking for even support from the country to encourage him to continue to canvass ICT literacy and penetration in the country.

“Leo Stan has taken the franchise beyond our expectation in such a short period and this he has done with passion. I would say wait for another 12 months to really appreciate his road map. Stan is one gentleman you must trust because his focus is not just on money but rather building a knowledge driven Nigerian economy and we all support him and hope your government will support him to change the face of Nigeria because that is his passion,” Khan said of Leo Stan Ekeh.

oshon

April 4th, 2008, 02:31 AM

The Lagos State Government has established a metal crushing plant to crush abandoned vehicles for recycling. se Zones.

The State Governor Mr. Babatunde Fashola, who disclosed this during the maiden meeting of the National Council on Commerce & Industry (NCCI-1) hosted by the State, said that the plant is sited at Shalla in Epe local government area of the State
.
The Governor affirmed that the metal crushing factory would not only lead to recycling of the vast number of abandoned and scrap vehicles but would help in stemming environmental hazards.

Represented by the Deputy Governor, Mrs. Sarah Adebisi Sosan , he outlined other recent landmark achievements of the State in promoting trade and industrial growth.

Such achievements included the establishment of the Lagos Micro-Finance Institution with a seed sum of N250 million targeted to hit a N5 billion mark in the year 2011.

This institution , he said, aimed at providing credit at interest rates far below the prevailing market rate, would empower indigent persons to establish Small-Scale businesses.

The establishment of an industrial park at Matori , which he said is capable of generating 25MW of power which SMEs could access, while the Public Private Partnership (PPP) arrangement for the establishment of Business Support Centres and Small Scale Industrial Estate at Matori and Technology Incubation Centres at Agege and Ikorodu, had also been conceived.

He also informed of the State Government’s move through Public Private Partnership to transform the Lagos-Badagry Expressway into a toll paying ten-lane international highway to open-up the axis for profitable foreign direct investment, the first of its kind in sub-Saharan Africa.

On the attainment of Vision -2020 goals , Fashola said this can only be achieved through positive policy formulation and implementation.

He further opined that if the trapped economic potentials of the country were to be liberated and prosperity for our people assured, there is nee to draw up a roadmap to diversify the economy via the promotion of the non-oil sector as obtained in the emerging economies of South East Asia and the Middle East.

The country, he stated possessed all it took to facilitate positive trade with the rest of the world as the potentials of the economy were enormous and obvious. He added that the cumbersome procedures in the documentation of our import/export trade, which were often fraught with unnecessary encumbrances and inconsistencies, constituted impediments to international trade.

To overcome this, he opined that managers of various entry points rather than being revenue generators alone, should re-position themselves as trade facilitators

Honourable Commissioners, Permanent Secretaries, Chiefs Executive of Parastatals / Government Agencies and their top officials, Development Partners as well as members of the Organised Private Sector.

A total of fifty-two (52) memoranda were received, presented and exhaustively discussed at the meeting and the following communiqué was issued:-

*Council affirmed that industrialisation was the master key to the attainment of Mr. President’s 7-Point Agenda and Vision 20-2020 and commended the Honourable Minister of Commerce & Industry for his new Industrial Development Strategy which focused on the Cluster Concept such as Free Trade Zones, Industrial Parks, Industrial Clusters, Enterprise Zones and Incubators and the advantages inherent therein, if properly and effectively implemented;

*Council expressed delight at the willingness of UNIDO to collaborate and provide the required support for the successful implementation of the Industrial Cluster Concept in Nigeria, particularly, in the establishment of Enterpri

oshon

April 4th, 2008, 02:32 AM

Wednesday, 02 April 2008
EXPERTISES from the United Nations Industrial Development (UNIDO) led by its Director General, Dr. Kandeh Yumkella, will arrive the country this month for crucial meeting with President Umaru Musa Yar'Adua, and leaders of the Organised Private Sector (OPS) over implementation of the nation’s new Industrial Development Strategy (IDS). The visit is scheduled for April 20-22

“we have enlisted the support of UNIDO to institute immediate intervention in the textile / garment industry, oil palm industry resuscitation, cassava sector, and skill vocational training, “ said Minister of Commerce and Industry, Engr. Charles Ugwuh.

The meeting, he said , will not only consolidate on the gains of the country’s relationship with UNIDO but would attempt to accord issues of industrialisation the prime of place as well as explore sources of fund mobilisation for the implementation of the targeted investment promotions projects(petrochemicals, textiles, biomass/ ethanol and food processing industry) under the new industrial development plans.

The Commerce and Industry Minister who addressed stakeholders on the occasion of the just held National Council on Commerce and Industry(NCCI2007) forum held in Lagos, said that the new industrial development plans which revolves around the clusters strategy will enable rapid take-off and survival of industrial enterprises in the country, especially the Small and Medium Enterprises(SMEs).

“It might interest you to know that the ministry is already in active consultations with development partners and other countries that have successfully deployed the clusters concept to foster the growth of their economies

“ We have invited the expertise of UNIDO and I am delighted to mention that UNIDO has committed to providing the required supports in order to successfully implement the strategy,” Ugwuh told stakeholders.

According to him, the ministry is also discussing with the International Labour Organisation (ILO) , which has also very keen interest on the areas of support in the provision of tools, kits, training and skills acquisition for the craftsmen, artisans, etc who are to be located in enterprise zones.

He further disclosed: “Several banks including Oceanic , Diamond, Fidelity have also indicated interest to provide funds for actual construction of the industrial parks, enterprise zones, incubators and free trade zones.”

With the cluster concept, he said investors will henceforth be saved a number of intimidating difficulties usually associated with businesses in the country, thereby fast tracking entry of foreign direct investment.

‘With the cluster concept infrastructure and other facilities will be shared among cluster tenants unlike what obtain presently(competitive strength), there will be tremendous improvement in skills development as training schools/ vocations centres will be attached to each of the clusters. This will further enhance the pay of the Nigerian workers , ” he maintained.

sammyjay77

April 4th, 2008, 10:47 AM

iluvnaija

April 4th, 2008, 11:30 AM

Nigerian Navy builds first indigenous warship
By Kunle Adeyemi
Published: Friday, 4 Apr 2008

The Nigerian Navy is set to make history with the construction of the first locally-made warship.
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The Chief of Naval Staff, Vice-Admiral Ganiyu Adekeye

Work on the ship, which is being constructed by local engineers using local materials, has reached an advanced stage at the Naval Dockyard, Victoria Island, Lagos.

The construction was inaugurated in December 2007 by the Chief of Naval Staff, Vice-Admiral Ganiyu Adekeye.

The CNS, who addressed journalists at the construction site on Thursday, said work on the ship would be completed in September.

He said it was difficult to say precisely how much the construction would cost, but promised to make the cost known to journalists after the completion of work.

Adekeye, however, stressed that the navy was facing difficulty in procuring an engine for the ship.

He said, ”Hopefully, the ship will be completed in September, but we have some limiting factors, especially on the procurement of the engine.

”It is the same set of engine makers that produce the engines for nations all over the world and that leaves you with no option to talk to other producers.

”We contacted some people in Nigeria here but the price they are giving us is twice the price from the manufacturers; and if you go back to the manufacturers, they will send you back to these people.”

Adekeye said that the navy would make sure that the problem was surmounted and the ship inaugurated by September.

Besides, he said the navy had sent requests to the Federal Government that it needed some platforms (ships) and there were assurances that the first set of these platforms would be delivered in due course.

He said most of the attacks on fishing trawlers by pirates were never reported to the navy and when they were reported, it was always four or five days after the attack.

According to him if about 200 trawlers are on the sea and two or three of them are attacked in one month, that would not necessarily cause panic on the high seas.

Adekeye said the navy had also embarked on the training of its officers to fit in to the next level of technical development that the navy was moving to.

Moonblue

April 4th, 2008, 11:37 AM

@sammyjay, it is very easy for politicians to use them same old rhetoric of "things taking time". yaradua has been shouting from the rooftops about his stance against corruption, has the Freedom of Information bill being passed? How long has that bill been in circuit? Do you know how monumental that bill would be in fighting corruption? Last time i checked, it was at his doorstep. Sorry, but talk is cheap, and the list of things that could be started in the 11months he has been in office is endless, so what steps has he actually started taking then to rectify anything? Setting up commitees? Well, let us hope he actually turns out to have plans which he starts implementing very soon for the good of everyone. But i refuse to praise thin air or non existent progress, when he does anything commendable then we can talk. Have a nice day and God Bless

Matthias Offodile

April 4th, 2008, 05:23 PM

Moonblue

April 4th, 2008, 06:40 PM

@Matthias, what foundation did OBJ lay, please do tell? Is it the foundation of do or die politics that turns things that should not be messed with like power, education, health care, etc that affects everyone into partisian affairs and another quest to further loot or gain more power? Is it the foundation for election rigging that saw at the end of each sucessive tenure the worst elections in Nigeria's history that was characterised by thuggery, violence and people dead while some ballot boxes were openly snatched with the help of the police and INEC officials? I could continue. Or are you saying Nigeria have progressed because everyone in Nigeria now has a cell phone and there are some new buildings? How much money was spent on so many areas and how does that tally up with what was achieved? $16 billion dollars spent on power and what is there to show for it? Or are we talking of the privatisation exercise that has now come under the spotlight as being another way the country was further looted, as characterised by hyperdeflation of government parastatals so that they could easily be sold of to politicians? The list is endless and overall whatever was commendable about that era (eg, NAFDAC) was achieved not due to OBJ but inspite of OBJ and the credit should go to the individuals who achieved and guided such feats, eg Dora Akunliyi, Okono Ikweala, Solodu, etc. 1999 was full off hope and was a chance for democracy to fully take root in the country and hence laying a real foundation. Instead what nigeria got was a dictatorship in the guise of a democrat, a so called "democracy" that displayed the most unpatriotic and undemocratic practises and did not even allow people to choose who they wanted their leaders to be. Are these the foundations you speak of?

Michaelda

April 4th, 2008, 09:40 PM

obasanjo was a crook but he was a necessary evil. why do we forget the dark cloud our nation was under before obj. yes we want greater things but obj didnt take us backward but forward. some say he took us an inch forward, some say a mile forward, but either way the dark days of IBB and abacha are dead because of obj.

lets be critical of obj, but be fair when compared to our nasty past

Moonblue

April 4th, 2008, 10:02 PM

Michealda i think you are forgetting one crucial piece of information. When OBJ was released from prison who was it that fought to get him elected as president? Was it not thesame IBB? A necessary evil? He wasn't necessary, you speak as if he was the only person who could have led the country and worse, as if he saved us from military rule. Have you forgotten that we went over to "democracy" because the the last military president decided to hand power over to a civillian after taking over? So how on earth does that translate to OBJ "freeing" us from military rule? Do you think OBJ and Abacha were really so drastically different? Abacha was a terror we all agree, but he was a military dictator, what excuse does OBJ have? The problem remains the constant recycling of rubbish, thesame group of people have ruled the country for past 4 decades. OBJ was a disaster and the shame is that he could so easily have been a hero, we had so much money and all it equated to was so much waste and looting.

Matthias Offodile

April 4th, 2008, 10:08 PM

sammyjay77

April 4th, 2008, 11:12 PM

Without OBJ (who certainly had many faults), Nigeria would still be in the same mess it emerged out of in 1999!

At least he has laid a kind of foundation, I am still waiting for any CONCRETE (!!) moves by Yar´Adua, all is just the usual endless "paperwork mentality", this begins to piss me off considerably!

Yes you said it right, ''without Obasanjo'' it would have been a renowned banker and economist, Olu Falae. We would not be able to tell what the othe man can do until he is given a chance. I bet you if Falae was given the chance, he would have performed far more better than OBJ. At the time OBJ came in he was almost like a ''one-eyed-man in a land filled with blind people''.

In all, what am trying to say is that we should call a spade a spade. It is almost only in Nigeria we allow sentiments to wade in to our thoughts. Obasanjo's massive evil have overshadowed his little good and we need to point all of these out. Eight years after Obasanjo.....Total Electricity Generation= 2400MW. He came in and met 3000+MW

My thoughts and Observations!!

Matthias Offodile

April 5th, 2008, 12:21 AM

Were you in Nigeria in the late 90´s, Sammyjay77??? Do you know how bad the country really was??

allhavoc

April 5th, 2008, 01:01 AM

obj had his faults, but nigeria was a rudderless ship after abacha died. no infrastructure, asuu on strike, everyone-for-himself. No efcc, no soludo, $32billion external debt... list is endless. we should try to be patient things will get better, much better.

Moonblue

April 5th, 2008, 01:13 AM

What i find funny is when people keep on saying "OBJ had his faults". What an UNDERSTATEMENT, lol. That is like the understatement of the century. The thing is this, how many factors would one have to ignore and put in the back of the mind in order to make OBJ passable as a leader? Is it the blind daylight robbery of the Nigerian treasury? Someone who had something like 10000 Naira and a ruined farm when he came out of prison now has probably up to 1 billion dollars and probably the most advanced farm in africa. Is it the selling off of government parastatals to himself and friends in the name of privatisation? I could go on but i really don't think i need to because we all know and can easily find out for ourselves. As i have said before, whatever was achieved under that tenure was not because of OBJ, but was achieved inspite of him and can be credited to other people like Solodu, etc. Anyone could think of OBJ as a good leader if they are willing to ignore the mountains of ineptitude, corruption, blatant disregard for the much vaunted "due process", thugery, etc. If you choose to ignore all of that because everyone now has a phone and want to ascribe the achievements of others to OBJ then that is up to you.

allhavoc

April 5th, 2008, 01:49 AM

obj had MAJOR faults. I am not disputing the fact that obj was a horrible president - his hypocrisy right before he left office is indictment enough. My point is we should keep some perspective, nigeria could have turned out a lot worse in 199 than obj. Olu falae or whoever else also had/have their own faults; I supported falae then because of education. we are where we are, you cant lose faith.

allhavoc

April 5th, 2008, 01:51 AM

Lagos to raise N75b first tranche of Infrastructure bond.

Lagos to Raise N75bn Bond for Development
By Deji Elumoye, 04.05.2008

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The Lagos State Government has finalised arrangements with both foreign and local investors towards raising a N75 billion bond for the infrastructural development of the state.
The state Commissioner for Finance, Mr. Rotimi Oyekan, who disclosed this in Ikeja yesterday said the amount would be the first tranche expected to be released this year.
Oyekan, who spoke at the a ministerial briefing to mark the first anniversary of Governor Babatunde Fashola, revealed that the paper work on the proposed bond is almost completed with indications of interest from both local and foreing investors.
He explained that when ready, �the infrastructural development bond would undoubtedly assist in changing the face of Lagos state and improve drastically the infrastructural terrain of a mega city status like Lagos.
�This N75 billion infrastructural development package to be issued in 2008 is just the first phase of the intended infrastructural development programme slated for the state in the next three years,� the commissioner explained, adding that the discussion for issuance of the bond was started by former governor Bola Tinubu.
He also disclosed that the internally generated revenue of the state government has improved from the N6 billion it was netting as at May 2007 to N10 billion monthly.
Oyekan however added that the state was targeting N15 billion as monthly revenue considering the on-going revenue drive and publicity embarked upon by the autonomous Lagos Internal Revenue Service (LIRS).Noting that the amount was still too far from target, Oyekan pointed that the 2008 budget was on high impact infrastructural capital project on which 60 per cent of the budget is expected to be expended, explaining,

�For effective implementation of the budget, a whole array of new financial methods is being explored to ensure a high percentage realization of the budget.�
He however disclosed that his ministry was building a public finance model to span from 2008 to 2023 to ensure that the state government financial planning becomes reliable and stable at all times, adding that an accounting consulting firm, Messrs Price Water House Coopers was already working on the initiative. On the Land Use Charge [LUC], Oyekan disclosed that the governor has mandated a consulting firm to perfect and complete the enumeration and assessment of properties in the different local governments so as to
enhance uniformity and efficient collection of revenue
used in providing basic amenities in all local
government areas of the state

He further said that the state had motivated and
empowered the consultants with tools to facilitate
efficient and effective data collation for revenue generation

oshon

April 5th, 2008, 03:24 AM

Grace Azubuike
Abuja

Fresh facts have allerged that the Lagos State government has signed a Memorandum of Understanding (MoU) with an American firm to invest a whooping 1.6 billion dollars in the Lekki Free Trade Zone.

Speaking at a ministerial press briefing organised by the Lagos State Ministry of Commerce and Industry in commemoration of the governor, Babatunde Fashola, in office on Wednesday, ,the managing director Lekki world wide investment Limited,Mr. Tajudeen Disu, said the 16,500 hectares Lekki Free Trade Zone have received the attention of an American investor who have signified intention to invest in the zone.

He said the feat was part of the state government's aggressive drive for foreign investors for the zone.

Disu said Lekki Free Trade zone featured at the international Trade fair held in South Africa last year and the seventh world conference of free trade zone held at Kualar Luuper in Malasia in the same year.

In the his address, the Lagos State commissioner for Commerce and Industry, Hon .Adeniyi Oyemade, explained that Mr. Philip Harris, president of AYR Group, an American based investment firm, visited the zone and later expressed the firm's interest in the Lekki Free Trade Zone.

De La Canada

April 5th, 2008, 07:45 AM

HAHHAHA talk to the average Nigerian and he would say OBJ was a joke. 8 years and nothing changed. OBJ made promises of chnage to the power sector but it's worse than it was in 1999. Ya'll need to visist Nigeria cuz when i visited i was not impressed. All what you say on Newspaper hardly bare fruit

The only man that did work in Nigeria in those 8 years was Donald Duke. Since my family are from CALABAR i lived there for 4 months and saw considerable change.

But even then Duke is still being investigated for stealing of state government funds

ufookoro

April 5th, 2008, 10:05 AM

why does it appear as a loan instead of an investment by china. we don't need anymore loans

when a Minister was quoted last week, He made it sound like investment. Then I read some other article, then it sounded like loans. You are right, loans just create burden.

sammyjay77

April 5th, 2008, 10:36 AM

Were you in Nigeria in the late 90´s, Sammyjay77??? Do you know how bad the country really was??

Matthias, I left Nigeria in 2001, I am a first hand witness to so many events that transpired in Nigeria, I was arrested and locked up as a Journalist for about 18hrs. We all knew Abacha was a bad ruler...a very bad one, he was evil. He clamped down on free speech but then we all thought the man was a military ruler after all, what do we expect from him? Nothing good of course.

Then OBJ came in(I even voted for him), Nigerians were like wow...here comes the messiah. Apart from ''there will be no sacred cow'' credited to Obasanjo, ''I will fix power problem in my first four years'' was also credited to him. He almost started well but along the line that prison mentality in him started rearing it's ugly head. He first attacked Chuba Okadigbo, unleashed tyrancy on Enwerem, lay the proverbial banana peel for Pius Anyim. i could go on and on. He was only being curtailed by Dr Ken Nnamani.

Nigeria was Bad before OBJ, It became Worse with him. Do you know Nigerians spend 16 trillion naira ($140 billion) annually on diesel to Genearate their own Electricty? That figure will definitely soar this year if power is not put in place.

Point of corection please, As for GSM, Abacha started laying the foundation and OBJ perfected it. OBJ was not the creator of the idea.

pappy

April 5th, 2008, 11:23 AM

Alex Roney

April 5th, 2008, 03:14 PM

Nigeria
Another deadline goes up in flames
Apr 3rd 2008 | AKALU-OLU
From The Economist print edition

Continued gas flaring harms both the environment and the economy

LONG before you reach Akalu-Olu village, in Nigeria's oil-rich Delta region, a metres-high flame of gas gives the place away. Solomon Odum's farm is close by. When he was a child, the land grew more than enough cassavas and yams to feed his family. “Now you could plant from here to the school across town and not have enough,” he says. Half a century after oil exploration began, communities across the Niger Delta region say the environment and the livelihoods that relied upon it are permanently damaged.

Gas flares like the one burning in Akalu-Olu may well contribute more greenhouse gas to the atmosphere than any other source in sub-Saharan Africa. Nigeria flares more than any country after Russia: 20 billion cubic metres a year out of a global total of 150 billion. For years oil companies have flared the gas to separate it from the lucrative crude oil. Lacking facilities to harness the gas or a market to sell it, flaring made good business sense, even if it damaged the atmosphere. But flaring not only continues to pollute horribly, it is also wasteful. The gas that is wasted could earn the country more than $500m a year.

AFP

Just part of the sceneryAll this was supposed to have changed by this year to meet a deadline to end flaring agreed on by the government and international oil companies. But no one seems to agree on whether the 2008 deadline was January 1st or December 31st. The petroleum minister says it has passed. Billy Agha, head of gas for the government's internal oil regulator, says the president, Umaru Yar'Adua, thinks it means the year's end. Either way, no one expects operators to stop flaring by the end of this year—or next. Bent Svensson, manager of the World Bank's Global Gas Flaring Reduction Partnership, says the volume of gas flared in Nigeria has been stable for a decade, though oil production has risen.

Nigeria outlawed gas flaring in 1979, to be phased out five years later. But since companies pay a minuscule fee for flaring and are allowed to carry on under government-granted exceptions, there is little incentive to stop. No legislation regulates the gas industry; penalties and procedures are irregularly enforced.

In February the government approved a “gas master plan”. This provides for building new facilities and injecting gas into the domestic supply, so encouraging producers to stop flaring once and for all. But although regulators have threatened heavier penalties for flaring, the fact that oil accounts for about 76% of government revenue and 90% of exports makes the government wary of imposing penalties so tough that they might persuade oil companies to shut down production instead.

Turning off the flares and collecting the gas is expensive. The Shell Petroleum Development Company, Nigeria's largest onshore operator, says it has invested $3 billion in the process so far and guesses that that figure will at least double. At the same time the national oil company has only recently moved towards putting up its share of the money needed to reduce flaring. Allowing for the kidnapping and sabotage that increase the already high cost of doing business, some contractors now demand ten times the average global price of $1m to lay a kilometre of pipeline.

Putting the gas to good use in Nigeria will take time. The country has an enormous appetite for new energy sources because the electricity supply is so erratic. But there is no infrastructure that would let gas fill the void. The 18m tonnes of liquid natural gas produced by Nigeria LNG Ltd every year are all sold abroad.

In the meantime, local campaigners say that the flaring causes acid rain, which rusts local roofing material and pollutes ground water. The World Bank is studying claims, backed by anecdotes of respiratory and skin disease, that flaring harms humans. Life expectancy, once just below 70 years in the Niger Delta, is now around 45. The oldest man in Awalu-Olu is not yet 60.

Such statistics help sustain the region's militancy, which, among other things, is responsible for shutting down about a quarter of Nigeria's oil production. “Our environment is being destroyed,” says an angry local. “So there is an acceptance that if [militants] blow up a pipeline, at least they are taking revenue out of the government's pocket.”

http://www.economist.com/world/africa/displaystory.cfm?story_id=10979890

De La Canada

April 5th, 2008, 03:26 PM

SammyJay has spoken truth. Ya'll should try living in Nigeria during OBJ's time and you won't see much difference between he's time and abachas. No doubt abacha was an evil ruler and people lived in fear. But the same level of corruption that was under abacha was under OBJ's government. My friend is one example. He worked for the Ministry of Health in Abuja and retired in 2002. It wasn't until last month that he started gettin paid Pention

The Universities in Nigeria are worse than even when Abacha was in Power. My friend who is a professor in the University of Calabar can vouch for tthat

Thats just plain corruption. In all Honesty Yar'adua will change Nigeria more than OBJ ever did. Ya'll should visit Katsina and see what he did there.

The only Good things that came out of OBJ'S rule were

- Paid of Debts
- More usage of GSM
- Rebuilding of the Tourism Industry
- Free primary education
- Nigeria became more accepted to the Global Community and not a pariah nation

and i'm sure many other good things came out but the questions remains

HOW DOES ANY OF IT AFFECT THE AVERAGE NIGERIAN?

allhavoc

April 6th, 2008, 01:13 AM

The Universities in Nigeria are worse than even when Abacha was in Power. My friend who is a professor in the University of Calabar can vouch for tthat

???!. The universities did NOT get worse under obasanjo, I grew up in a university (OAU) and I can undoubtedly say the conditions are much better today than they were in 1999, but we can disagree. Lecturers were receiving pittance as take home pay back then (less than 300k per annum) - you can compare budgetary allocations before and after 1999. Things are still far from rosy, but we stopped digging in 1999.

Matthias Offodile

April 6th, 2008, 06:21 PM

Matthias, I left Nigeria in 2001, I am a first hand witness to so many events that transpired in Nigeria, I was arrested and locked up as a Journalist for about 18hrs. We all knew Abacha was a bad ruler...a very bad one, he was evil. He clamped down on free speech but then we all thought the man was a military ruler after all, what do we expect from him? Nothing good of course.

Then OBJ came in(I even voted for him), Nigerians were like wow...here comes the messiah. Apart from ''there will be no sacred cow'' credited to Obasanjo, ''I will fix power problem in my first four years'' was also credited to him. He almost started well but along the line that prison mentality in him started rearing it's ugly head. He first attacked Chuba Okadigbo, unleashed tyrancy on Enwerem, lay the proverbial banana peel for Pius Anyim. i could go on and on. He was only being curtailed by Dr Ken Nnamani.

Nigeria was Bad before OBJ, It became Worse with him. Do you know Nigerians spend 16 trillion naira ($140 billion) annually on diesel to Genearate their own Electricty? That figure will definitely soar this year if power is not put in place.

Point of corection please, As for GSM, Abacha started laying the foundation and OBJ perfected it. OBJ was not the creator of the idea.

How can Nigeria spend $140bn annually when its biudget is just somewhere around $45 billion?

Obasanjo worse than Abacha? I should show this to my dad...

Nigeria was worse than Irak today, the only difference is that Irak has a war!

It was a pariah state and in the world of business Nigeria was equal to an insult!

I still remeber the time when I visisted Naija once in 1997/98 (during Christmas) and at the international airport NOTHING was functioning any more..something that was emblamatic for the entire country.

OBJ despite its numerous faults did ALOT to change the general macro-economic picture of Nigeria, he has failed in the filed of power generation and social infrastructure.

...but I can´t see the current government doing any better:ohno: (just the usual lip-service, "could should and will"-phrases), so I still stick to what I had said before: Nigeria without ObJ would be in the same mess today like in 1999

OBJ who ruled once during 1976-1979 handed over a country with good macro-economic fundamentals, something that was destroyed by the devils that followed him.

Out of all the old guys OBJ was BY FAAAARRRR the "best".

pappy

April 6th, 2008, 09:37 PM

Anybody that think OBJ was worse than Abacha needs to go have their heads examined. I know OBJ wasn't the best but worse than Abacha? Hell naw.

Michaelda

April 7th, 2008, 02:25 AM

How can Nigeria spend $140bn annually when its biudget is just somewhere around $45 billion?

he meant nigerians. in other words, nigerians spend $100 per capita to pay for electricity.

sammyjay77

April 7th, 2008, 02:24 PM

How can Nigeria spend $140bn annually when its biudget is just somewhere around $45 billion?

VANGUARD

Nigerians spend N16.408trn to fuel generators annually

Written by Omoh Gabriel, Business Editor & Hector Igbikiowubo, Asst. Business Editor

Monday, 28 January 2008

Nigerians spend about N16.408 trillion annually on fuelling generators in the country.
The break down shows that in the telecom sector, N6.7 trillion is spent per annum to purchase diesel while filling stations spend N43.98 billion; factories N191.08 billion; banks N11.7 billion; insurance companies N80 billion; residential N7.812 trillion; and commercial enterprises, N1.57 trillion giving a total of N16.408,760 trillion or $140 billion expended on fuelling generators in the country annually.

This weakness imposes significant costs on economic activities and productivity in the country resulting in a prohibitive high cost of doing business which has made the country less attractive to local and foreign investors.

In an interview with Financial Vanguard, President of the Lagos Chamber of Commerce and Industry, Asiwaju Solomon Onafowokan, said the cost of powering production activities in Nigeria was prohibitive and had made locally-manufactured products uncompetitive even within the ECOWAS sub-region.

He said even if bank interest rates and charges were brought down considerably and the power issue was not addressed, the Nigerian business environment would remain largely uncompetitive.

He said the business community’s hope that President Umaru Yar’Adua would address the power issue frontally as he indicated during his campaign had been dashed with President demonstrating his inability to declare a state of emergency in the power sector.

The business community, according to him, is tired of waiting to know how the President intends to resolve the power problem in the country.

Owing to paucity of data from the Customs and Excise department, the Federal Office of Statistics, PHCN, the Standards Organisation of Nigeria (SON) and other government agencies visited, Financial Vanguard discovered that generating sets utilised by this category of consumer range from 0.8Kva to 500Kva, depending on how many consumers it is meant to serve.

It was projected that most of those who have recourse to use generating sets are mostly urban dwellers and a few others in the rural areas. This amounts to 300,000,000 litres of petrol per day and at a current pump price of N70 per litre, N21 billion per day, N651 billion per month, N7.812 trillion or $66.769 billion per annum.

Investigations revealed that there may be about five million commercial enterprises operating in the country including barber shops, hair dressing salons, restaurants, super markets, boutiques, block moulding factories, recording studios, dry cleaning services, night clubs, casinos, offices, etc utilising an average of eight litres of petrol per day on different capacity of generating sets.

This translates to 40 million litres of petrol per day or 1.24 billion litres of petrol per month or 14.88 billion litres per annum. At current pump price, this translates to N1.57 trillion or $13.35 billion expenditure per annum. However, this does not include the cost of oil change, spare parts and labour.

Obasanjo worse than Abacha? I should show this to my dad...

Abacha being a Military Head Of State can not be measured with the same yard stick as Obasanjo being a democratically elected President even though he was selected the second time. From the point of view of Measuring Elected Presidents, Obasanjo underperformed compared to Abacha

PS. I said Obasanjo's Nigeria from the point of view of a civillian president was worse than Abacha's Nigeria but Obasanjo in personality was better than Abacha because of his(Abacha) gruelsome nature and regime

...but I can´t see the current government doing any better:ohno: (just the usual lip-service, "could should and will"-phrases), so I still stick to what I had said before: Nigeria without ObJ would be in the same mess today like in 1999

Will you agree that someone else contested with Obasanjo and that if OBJ had not won that Election the other person would have ended up doing something Entirely different? He would have been worse, he would have been better
As for the budget-though not in contest here- Read some of todays Dailies to see some anomalies in the budget. Some Senators/Reps wanted to call it business as usual and Yar a Dua being the honest person he has always been will not pass that budget but OBJ will blackmail and bribe his way thru

OBJ who ruled once during 1976-1979 handed over a country with good macro-economic fundamentals, something that was destroyed by the devils that followed him.

Out of all the old guys OBJ was BY FAAAARRRR the "best".

With two billion Naira = 4 Billion Dollars then, siphoned in to his private accounts. I still say we should measure OBJ with the Yard stick of Civillian President forget the tyrants and Dictators

Rdokoye

April 8th, 2008, 04:16 AM

Nigerians abroad remitted N400bn home in one year - World Bank

By Our Reporter
Monday, April 7, 2008

NIGERIANS abroad in 2007 remitted $3.3 billion (about N400 billion) to the country, the highest in sub-Saharan Africa, a World Bank report has said. The report, entitled “Migration and Remittances Factbook 2008,” provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional income groups.

Inward remittances for all developing countries stood at $10.3 billion in 2006 and $10.8 billion in 2007, accounting for less than two per cent of their average Gross Domestic Product (GDP).

In the report, Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion that the country received in 2006.

Other recipients in the top 10 were Sudan with $1.2 billion, Senegal and Uganda with $0.9 billion each, South Africa $0.7 billion, Lesotho $0.4 billion, Mauritius $0.2 billion, Togo $0.2 billion and Mali $0.2 billion.

A statement from the World Bank said that for 2007, recorded remittances worldwide were estimated at $318 billion, of which $240 billion went to developing countries.

The report lists the world’s top five recipients of migrant remittances in 2007 as India ($27 billion), which also had the world’s largest migration population of 5.7 million; China ($25.7 billion); Mexico ($425 million); Philippines ($17 million) and France ($12.5 million).

“In many countries, remittances provide a lifeline for the poor,” said Dilip Ratha, a senior economist with the World Bank who co-authored the factbook with Zhimei Xhu.

“They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times,” he added. For many sub-Saharan countries, however, the remittance figures are also an indicator of the high levels of brain drain that have deprived these countries of many of their finest brains.

In Uganda, for instance, statistics showed a ratio of one doctor to 13,000 people, while that of nurses is 1:1,818 people, even as hundreds of Ugandan medical practitioners are working outside the country.

It was also gathered that in South Africa alone, there are over 140 Nigerian doctors working in various government hospitals. The number of doctors working in private hospitals is not known.

he World Bank report also noted that in 2000, the emigration rate for people with tertiary education stood at 26.3 per cent in Kenya, 21.6 per cent in Uganda, 19.9 per cent in Burundi, 19 per cent in Rwanda and 15.8 per cent in Tanzania.

The report further noted that while international immigration is dominated by the voluntary movement of people, there were 13.5 million refugees and asylum seekers, constituting about seven per cent of global immigrants, in 2005.

“The share of refugees was 14.3 per cent in low-income countries - over five times as large as in high-income European countries,” says the report.

ufookoro

April 8th, 2008, 09:31 AM

Nigeria: $700m Africa's Deepest Port Ready in Lagos 2009

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Vanguard (Lagos)

8 April 2008
Posted to the web 8 April 2008

Godfrey Bivbere

The deepest port in Africa with a draft of 17 meters is to be constructed by Lagos Port LFTZ Enterprises along Atlantic coast at Ibeju-Lekki area of Lagos by the first quarter of 2009, Mr. A Sivaram, Managing Director of the company, has said.

The port which is expected to gulp a total sum of $700 million, would handle about 8,000 containers (TEU's) at the completion of the first phase. The second phase is expected to handle 1.05 metric tons of bulk cargo, Sivaram noted.

He pointed out that the port which would "be the first deep water port that will allow Suezmax (the largest naval carriers) ships to enter Nigerian waters."

He disclosed that the Environmental Impact Assessment (EIA) and the design for the project are already in place and that the contractors would soon be mobilised to commence work. When completed he continued, the port because of its potentials would serve as a hub to the West African sub-region.

The port project he further explained, is only part of the larger one in the Lagos Free Trade Zone which includes a new plant that would produce Olefins from methanol derived from natural gas.

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Economy, Business and Finance
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The port project is expected to cover an area of 500 hectares of land when it is fully developed. According to him, "The size and scale of the Lekki port when combined with its state of the art cargo handling and storage infrastructure will make it an ideal transshipment hub capable servicing the entire West African coast."

Sivaram furthered noted that "by providing an ideal platform for accelerated industrial development, the proposed Lekki Port LFTZ enterprise combined with the LFTZ lays the foundation for a significant shift in Nigeria's position from an exporter of natural resources into a regional industrial power- house."

He said, "As one of the parties involved in the establishing the Lagos Free Trade Zone, Eurochem Corporation Pet. Ltd will be in charge of the building and operation of the Lekki Port LFTZ Enterprise. The Singapore-based company will be responsible for the day-to-day management of port operations, marketing the services and facilities of the port to various shipping lines and users and elaborating future development plans."

:banana::banana::banana:

Rdokoye

April 9th, 2008, 01:34 AM

AFC to Build $700m Ring Road in Port Harcourt

From Constance Ikokwu in Washington D.C, 04.08.2008

The Africa Finance Corpo-ration (AFC) and the Rivers State Government have agreed to construct an 88-kilometre ring road in Port Harcourt at the cost of $700 million.
AFC President/Chief Execu-tive Officer (CEO), Austine O. Ometoruwa, and Managing Director/CEO, ICMG Securities, Mike Osime, signed a memorandum of understanding with Governor Chibuike Amaechi on the public-private partnership in Port Harcourt last Friday.
The road will be the largest municipal highway project in Africa and is expected to be a catalyst to the city’s economic development.
Ometoruwa told THISDAY that the road would support Port Harcourt’s ambition of becoming a regional commercial hub, and would form an integral component of the state government’s master plan for the revitalisation of the city.
The road, which will be constructed by China Harbour Engineering Company (CHEC), also includes in its master plan the establishment of a new town north of the airport. According to him, CHEC is responsible for some of the world’s most outstanding civil engineering structures, including Beijing’s six ring roads.
The other technical partner, Roughton International. AFC, he said, would lead the project development, management, and financial structuring of the private-sector-led partnership, which includes AFC financial partner, ICMG Securities.
Ometoruwa said the completion would be in 30 months, and would feature accompanying commercial developments, that would ease the crippling congestion and dramatically improve the city’s economic competitiveness.
He said the AFC would also help the state to revitalise its electric power programme, in a 24-month initiative.
AFC with its financial partner, ICMG Securities, and technical partner, SEPCO, according to him, would mobilise funds to upgrade various power plants in the state, as well as rehabilitate the existing transmission and distribution system.
“AFC will manage and operate the generation, transmission and distribution assets, acting as an operating partner in generation and a majority ownership partner in distribution,” he said.
The finance corporation, he added, would invest in an upgrade of assets across a broad spectrum, and would work with the state government to design a commercially viable tariff structure.
He said: “AFC will also help the authorities create payment security mechanisms, including pre-payment metering system to improve collections and overall revenues.”
AFC is a hybrid investment bank and development finance institution devoted to driving the development of infrastructure in Africa.
Among other projects, it is leading the development of a $1billion deep sea port in Olokola off the coasts of Ogun and Ondo States and financing an emergency power project in Guinea-Bissau.

Tbite

April 9th, 2008, 07:15 AM

Abuja Waterfront Development promoted by Old Mutual

08 Apr 2008

Old Mutual Investment Group Property Investments (OMIGPI) has signed a memorandum of understanding with a Nigerian company for a joint venture to create and manage a waterfront development in Abuja, the federal capital

Managing director Ben Kodisang says OMIGPI and Cerberus Ltd will have an equal share in a company driving the Jabi Lake development project.

“Our aim is to design, construct, develop and manage a precinct of commercial properties on a 29,3 hectare site at Jabi Lake in Abuja,” he says.

” We have committed seed capital and appointed Louis Karol Architects to develop a waterfront concept for the site. Louis Karol Architects have designed award-winning elements of the V & A Waterfront in Cape Town and last year completed the link mall extension there. “

Kodisang says the Nigerian joint venture is another step into Africa and other international markets for OMIGPI operations. Last year the OMIGPI-managed SA Corporate Real Estate Fund bought a 25% stake in Namibian-listed Oryx Properties Ltd.

It also follows establishment by OMIGPI and ICS Realty of India of the $500 million Triangle Real Estate India Fund which is initially aiming to capitalise on the rapidly expanding organised retail market there.

Kodisang says Abuja and the Federal Capital Territory have experienced huge population growth over the years.

“As Nigeria’s capital from 1991, Abuja is known for being the best purpose-built city in Africa. It houses the Presidential complex, National Assembly, and Supreme Court. In addition to a being major governmental centre, Abuja is the headquarters of the Economic Community of West African States (ECOWAS) as well as its military arm, ECOMOG. It also has the regional headquarters of OPEC and is home to most countries’ embassies.

“It is served by an international airport and in recognition of the importance of conference and business tourism, has a large conference centre in the central business district.”

Kodisang says his fellow directors of the Nigerian joint venture company are Amelia Beattie, chief operating officer of OMIGPI, and Hakeem and Myma Belo-Osagie, of Cerberus, business personalities in Nigeria.

Kodisang says Cerberus’ role is to ensure ownership by the JV company of the development land with mixed use zoning rights.

“Cerberus will take the lead role in origination of the project, advise on community issues and manage local stakeholders. For the construction and development phase, Cerberus will advise on suitability of local professional teams to be appointed and attend to all public sector requirements and approvals. “

Kodisang says OMIGPI has begun research to finalise a business case and viability study for what could be a $300 million project and will help conceptualise the development.

“OMIGPI’s further role will be to work with local professional teams on design, construction and development, to draw on our experience in creating award-winning mixed use and retail properties and where appropriate to transfer skills.”

Matthias Offodile

April 9th, 2008, 10:51 AM

Tbite

April 9th, 2008, 11:37 AM

I feel like hiding my face in shame at how Obasanjo left Nigeria – Falae

Erstwhile Finance Minister and Secretary to Federal Government, Chief Olu Falae, has lashed out at the former president, Chief Olusegun Obasanjo, accusing him of enthroning corruption and treasury looting in the country.

Falae said all the talk about fighting corruption was nothing but a grand attempt to hoodwink and deceive unsuspecting Nigerians. In fact, he said that the shocking revelation from House of Representatives power sector probe is just a tip of the iceberg of the massive looting that went on under Obasanjo.

In an exclusive interview with Daily Sun at his country home in Akure, Ondo State, the former presidential candidate of the Alliance for Democracy/All People’s Party in 1999, said graft under Gen. Sani Abacha dictatorship was a child’s play when compared to the cesspool of corruption that was perpetrated under the eight-year administration of the immediate-past Federal Government.

“Treasury looting under Abacha is a joke compared to what obtained under Obasanjo. Under Abacha, there was some semblance of discipline and those who were stealing were not as many as in Obasanjo’s regime. There were very few of them who looted our economy during Abacha’s regime. The stealing and looting was not as democratised and liberalised as you had under Obasanjo who allowed everybody to steal with impunity. So much money went down the drain during Obasanjo’s regime than under Abacha,” Falae said in reaction to a question.

The elder statesman said President Umar Yar’Adua must summon enough political will to ensure that those found guilty in the on-going probe and subsequent ones are sanctioned, noting that failure to do so would earn him a place in the hall of infamy.

He also spoke on the need to restructure the country, among other things. Excerpts:

Large scale fraud perpetrated in major sectors during ex-president Olusegun regime are now uncovered and people are saying that a probe panel should be put in place. What is your view?

In the first place, Obasanjo stole the mandate. He never won an election. His regime was based on fraud and so what did you expect? You cannot lay a foundation on fraud and have righteousness coming out of it. Obasanjo might have had good intention for Nigeria but he didn’t have the competence to govern the country. First of all, if you want to be kind to him, you will say he was ignorant of what went on in the eight years of his rule. He spent too much time in aeroplanes flying all over the place. He didn’t have time to sit down to govern Nigeria. He was only chasing an elusive Nobel Prize for Peace to boost his bloated ego. So, he spent a lot of Nigeria’s time and money chasing that mirage. All in all, he made a mess of the mandate he stole.

So, where we are now, we don’t need any special probe to be set up. The House of Representatives is carrying out its normal oversight responsibility. It is beaming its searchlight on the power sector and we are amazed, surprised, shattered to hear some of the revelations. Don’t you think it is amusing that a government that was preaching due process could award billions of Naira worth of contract to a company that was not registered with the Corporate Affairs Commission (CAC)? And to think that this was happening under a regime in which people were being arrested and locked up for committing petty frauds.

Then, consider the way the contracts were awarded and payments were made for work not executed. I feel ashamed. I feel like hiding my face in shame that Nigeria that is supposed to provide leadership, not just in Africa, but also among the black race in terms of civilised elections and development in every sector, is tottering. We have been having elections since 1916. After almost a century of election experience, we are still not allowed to exercise our franchise for peoples of our choice. If you take the performance of the tribunal so far, it is clear that there was no election. Many people didn’t have enough money to go to the tribunals. So, what the House of Representatives is doing must continue. When they finish with the power sector, if there are individuals, officials, corporate entities that have committed any crime against the nation, the law should take its normal course. There should be no special panel being set up to probe anybody.

That will look like witch-hunting. When the House finishes on power sector, it should go into petroleum. Whatever result they come out with, the law should take its course. By the time we finish probing half a dozen sectors, I am sure that a good number of people who served in the last regime will be behind bars. I am almost certain about that.

Do you think Yar’Adua will be able to probe Obasanjo who installed him as President?

I will be highly disappointed if Yar’Adua failed to be faithful to the oath he took to defend the Constitution and the integrity and the resources of the people of Nigeria. The mismanagement of billions of naira has denied the masses education, water, electricity, jobs, good roads and good houses. So, I will be surprised if Yar’Adua fails to carry out his duty in relation to the people of Nigeria. If his own blood brother is involved, he should not hesitate to do what is necessary. If he fails, I believe there would be consequences at all levels, including in the legislature, state houses of assembly and in the civil societies.

Yar’Adua should not fail to take action and punish the offenders. If he fails, I believe the people of Nigeria will mobilise themselves to right the wrongs and fight for justice themselves because the money that is being toyed with is our money. So, I hope Yar’Adua’s action will not make it necessary for the masses of Nigeria to ask for justice. I said recently in a lecture, which was given on my behalf in Kaduna that ultimately, the people themselves must be ready to stand up and say no to fraud. I cited the example of Ukraine in the former Soviet Union where the sitting president rigged the election and people at the height of winter, mobilized to the centre of the city in the state capital, remained there until the government collapsed, and a new election was held and a man that was supposed to have lost the election then won the election. That was how the people of Ukraine brought back democracy.

In Nigeria, if we’re not ready to do that, for a very long time charlatans will continue to govern us. Tribunals are set up on the assumption that election has taken place. The law guiding the tribunal was drafted on the basis that there would be no election at all. And where there was no election, the law of evidence becomes completely irrelevant. It is counter-productive to apply such kind of law.

If in Akure here, there was no voting, boxes were burnt, people were just doing what they liked, what do I tender as evidence at the tribunal that I won the election that will be acceptable as law of evidence? So, we have to draft a new law of evidence. If we must rely on the application of the existing law of evidence, you cannot prove anything.

For example, we have seen a situation where a tribunal dismissed a petition because somebody did not state that he was a candidate in the election in which he won more than one million votes. Because he didn’t say so on the form, they threw out the petition. In other words, the mandate of the people is being toyed with by the tribunal on the basis of frivolities. They are relying on practice direction from the president of the Court of Appeal. One man will now give them directive that will make nonsense of the people’s mandate. Now, we are in a very big crisis. As I said in another interview, if most of the candidates have the money, we have to have six times as many cases as we have in the tribunal today. And at that level, all the judges will do nothing but handle tribunal cases for the next five years. At that level, the judiciary will collapse. So, the tribunal is not set up for that kind of wholesale fraud, which we had, in last year’s April election.

Just of recent, Professor Humphrey Nwosu said what the country needed is a two-party system. In your view, do you think this will put an end to rigging and manipulation that have continued to attend our elections?

No single measure will put an end to rigging in Nigeria. A two-party state, if that is what we are going to become, must not be imposed. We should allow it to evolve. We had NRC, SDP that helped a great deal to create two formidable political parties but they were manipulated. You remember that they were formed by the government. The national secretaries of the two parties at the beginning were civil servants before they handed over to the so-called elected officers. That was an artificial creation. Yes, you cannot decree it. You cannot legislate it.

In a democracy, individuals should be free to make independent choices for themselves. If you have parties A, B, C and l belong to party A and for whatever reason, l don’t want to belong to party A anymore, that decision should be taken by me. Thereafter, I should be able to say okay, who do I support now? I must have a choice in making my second decision. So I must have B and C to select from. But if you have just only two parties, the choice becomes restricted. If I say okay, I am not supporting Party A any longer, it then automatically means I am stuck with party B regardless of the merits and demerits of B. In a true democracy, there should be, at least, three political parties, so that voters and party members can make independent decisions as to which to support and which not to support. But this should not be legislated. Government can encourage this if it can, but it should not be legislated. If you have two parties, that does not stop rigging. What has brought rigging to this high peak is money. Politics has been over-monetised.

Until you take money out of politics, people will become more and more desperate. So, my suggestion is that we have tried the presidential system, we have also tried the parliamentary system. We have tried the two, so we are wiser now than we were before. We should now be able to say the parliamentary system is more suitable to our condition.

Why? I believe if you bring back the parliamentary system, and members of the legislature only get sitting allowances, 90% of those who sit around today will disappear. Sitting allowance can never fuel their cars. They are after money and when money is not available, they will run away. They will go and form companies and be looking for contracts, maybe that is better. They will leave politics to those who genuinely and sincerely want to see an improvement in the society. It is like a missionary work. But as long as money is the primary objective, you will never have free and fair election. Money must get out of politics.

Also, my view is that Nigeria should be restructured towards parliamentary system of government. The centre should be made weak. We should only leave those things that can be better done at the central level, namely defence, currency and central banking, foreign policy, citizenship, security, military. That is all. But there should be regional and state police because as a little boy, I grew up in this town to know about Akure LA Police, Owo LA Police. This was the same for other cities. We also have Nigeria Police. So, we used to have three levels of policing because we have three levels of governments. What distinguishes and separates a government from other group in the society is that it is the only body that has authority and power to make laws and enforce them. If you can make law and you cannot enforce them, you are not a government. So, we must restructure Nigeria, decentralize authority, bring back regional government.

Sir, if you are asked to compare and contrast the eight years of Obasanjo and Abacha, what will be your take?

You have to do it sector by sector. In terms of freedom of expression, civil liberty, Abacha government was a terrorist government. Abacha’s agents were all over the place and under the regime, people lived in fear. So, in terms of civil liberty, there is no basis for comparison between Abacha and Obasanjo. But in terms of treasury looting, Abacha’s looting is a joke compared to what obtained under Obasanjo. Under Abacha, there was some a semblance of discipline and those who were stealing were not as many as in Obasanjo’s regime. There were very few of them who looted our economy during Abacha’s regime.

The stealing and looting was not as democratised and liberalised as you had under Obasanjo who allowed everybody to steal with impunity. So much money went down the drain during Obasanjo’s regime than under of Abacha. But stealing is stealing. Under Abacha, the economy was better managed. The exchange rate was never higher than N108 or N98 to the dollar. Obasanjo came into office and inherited N108 to a dollar, then it went as high as N142. In the area of power generation, Obasanjo inherited 4,800 megawatts, he spent $16 billion and brought it down to 2,600 megawatts, After $16 billion, power generation went down by 5 percent. This is very laudable achievement under Obasanjo, isn’t it? Unemployment under Obasanjo also nose-dived.

For all of us who have been arguing about the whole Abacha isse, here is what Olu falae thinks.

Personally I think more money was stolen under OBJ than under Abacha.

16 Billion dollars alone in the power sector, this is way more than what Abacha had in his foreign accounts, and that is only the Power Sector.

If all the Road Contracts were fufilled, Nigeria's road infrastructure would be near what it was in the 70s, yet we are still nowhere.

Then there are all the other sectors etc.

Tbite

April 9th, 2008, 11:39 AM

Abuja Waterfront Development promoted by Old Mutual

That´s a good one:cheers:..but should be followed attentively, we normally get these kind of messages every now and then and nothing is heard of it again.

Yes that's true. The Jabi Lake area is a lovely area for development, there have been numerous projects proposed for that area, ye it is still undeveloped.

We should check the Architects website, for updates on this project.

Matthias Offodile

April 9th, 2008, 11:40 AM

For all of us who have been arguing about the whole Abacha isse, here is what Olu falae thinks.

Personally I think more money was stolen under OBJ than under Abacha.

16 Billion dollars alone in the power sector, this is way more than what Abacha had in his foreign accounts, and that is only the Power Sector.

If all the Road Contracts were fufilled, Nigeria's road infrastructure would be near what it was in the 70s, yet we are still nowhere.

Then there are all the other sectors etc.

This is just ridiculous!

funny, how people suffer from amnesia!

Matthias Offodile

April 9th, 2008, 11:42 AM

Yes that's true. The Jabi Lake area is a lovely area for development, there have been numerous projects proposed for that area, ye it is still undeveloped.

We should check the Architects website, for updates on this project.

Yes, we have to do it!:)

ufookoro

April 9th, 2008, 11:51 AM

Yes, we have to do it!:)

I have seen some pictures of tJabi lake. how big is it. Is it a natural lake or an excavated area resulting from the building of Abuja?

Tbite

April 10th, 2008, 03:26 AM

This is just ridiculous!

funny, how people suffer from amnesia!

There is nothing ridiculous about that, Abacha may have been Nigeria's most brutal leader but he wasn't the biggest thief.

More Money was stolen under Ibrahim Babaginda and under Obasanjo.

Babaginda is said to have stolen up to 20 Billion dollars which is far more than what Abacha had in swiss accounts. I can tell you now that I know people in Nigeria that knew about road contracts that were sabotaged.

Obasanjo's Government had a lot of money to woek with, arguably more than what Abacha had during his regime.

16 Billion dollars spent in the Power Sector, 8 billion dollars spent in the Niger Delta, billions spent in road contracts. That is the height of corruption.

Trust me I was pro Obasanjo, just like you are now, but just google how much money was spent in Nigeria under Obasanjo and then compare it to how much was accomplished and tell me that the Government under Obasanjo was not the true definition of corruption.

What Obasanjo effectively did was move away from the money laundering trait that Nigerian dictators had in the past, and turned the country into one of mass laundering.

Every transaction under the Obasanjo Government must be probed. You don't have to have thousands of skulls outside your house to be a brutal leader.

pappy

April 10th, 2008, 06:38 AM

There is nothing ridiculous about that, Abacha may have been Nigeria's most brutal leader but he wasn't the biggest thief.

More Money was stolen under Ibrahim Babaginda and under Obasanjo.

Babaginda is said to have stolen up to 20 Billion dollars which is far more than what Abacha had in swiss accounts. I can tell you now that I know people in Nigeria that knew about road contracts that were sabotaged.

Obasanjo's Government had a lot of money to woek with, arguably more than what Abacha had during his regime.

16 Billion dollars spent in the Power Sector, 8 billion dollars spent in the Niger Delta, billions spent in road contracts. That is the height of corruption.

Trust me I was pro Obasanjo, just like you are now, but just google how much money was spent in Nigeria under Obasanjo and then compare it to how much was accomplished and tell me that the Government under Obasanjo was not the true definition of corruption.

What Obasanjo effectively did was move away from the money laundering trait that Nigerian dictators had in the past, and turned the country into one of mass laundering.

Every transaction under the Obasanjo Government must be probed. You don't have to have thousands of skulls outside your house to be a brutal leader.

Yea more money was stolen during IBB's and OBJ's time because there was more money to steal. By the time IBB handed over power to Abacha he'd stolen so much that there was barely anything left for Abacha to steal. Abacha was a maniac and a klepto, he stole and didn't bother to hide fact that he was stealing, he didn't care for nobody else but him and his and he made it known. During Abacha's time the official exchange rate was about $1 to N34 but that was almost impossible to get you'd have to exchange money at the black market which was $1 to N85, he purposely kept it that way just so he could make money doing foreign exchange deals, he made the CBN his personal bank account withdrawing money as he pleased and printing money as he pleased. Pretty much ever public entity was being privatised by him in his name! Nigeria's economy was shrinking (no money and no goods for money to chase) for a size of then about $90 million people! How can anybody in their right mind forget that mad man and tell me that OBJ or IBB was worse? How? Nigerians, I know we're frustrated but see reason and stop praising that sick mad man.

pappy

April 10th, 2008, 06:39 AM

Sierra Leone: Nigeria to Provide 150 Megawatts Electricity

Chief Executive Officer of CON Dangote Group has said in Freetown that the Africa Finance Corporation (AFC) was ready to invest in power generation through transmission and distribution of up to 100 and 150 megawatts.

Alhaji Aliko Dangote told a press conference Monday that his company would also invest in ferry service, better helicopter service and port infrastructure.

"We will also assists in providing 3 modern ferry, better helicopter services and port infrastructure," he said He noted that AFC is a private sector-led investment bank and development finance institution created to help mobilize and channel required capital towards driving Africa's economic development.

Dangote said they would be sending a technical team next week to work with the authorities to start looking at these areas and see how much it would cost.

President and Chief Executive Officer Africa Finance Corporation Austine O. Ometoruwa said AFC has a paid up capital of US$1.2 billion base to support early and intermediate stage of the projects.

Tbite

April 10th, 2008, 06:57 AM

Yea more money was stolen during IBB's and OBJ's time because there was more money to steal. By the time IBB handed over power to Abacha he'd stolen so much that there was barely anything left for Abacha to steal. Abacha was a maniac and a klepto, he stole and didn't bother to hide fact that he was stealing, he didn't care for nobody else but him and his and he made it known. During Abacha's time the official exchange rate was about $1 to N34 but that was almost impossible to get you'd have to exchange money at the black market which was $1 to N85, he purposely kept it that way just so he could make money doing foreign exchange deals, he made the CBN his personal bank account withdrawing money as he pleased and printing money as he pleased. Pretty much ever public entity was being privatised by him in his name! Nigeria's economy was shrinking (no money and no goods for money to chase) for a size of then about $90 million people! How can anybody in their right mind forget that mad man and tell me that OBJ or IBB was worse? How? Nigerians, I know we're frustrated but see reason and stop praising that sick mad man.

I have never praised Abacha, I for one know that when I was in Nigeria when Abacha was in power I would shout in streets "Death to Abacha".

I guess you might find it hard to comprehend, that such evil still remains in Nigeria, but the fact is that although Obasanjo may not be as cruel as Abacha, under Obasanjo's Government there was more money misappropriated and there was equally as many human rights violated.

The only reason people doubt that Obasanjo should be held in the same regard as Abacha, is because Nigeria's economy is in a relatively good shape. However the fact of the matter is that; if the Obasanjo Government was not riddled with corruption. In Nigeria, there would be so many things different in the country today.

One cannot expect Obasanjo to have undone all the evils of the military government that preceded him, but with the money that was available in the country, we should have seen a considerable change at the end of his 8 year long tenure.

Tbite

April 10th, 2008, 07:13 AM

Nigeria: Bayelsa Govt Business District to Gulp N25bn

The dredging of the site of the Bayelsa State government planned Central Business District (CBD) in Yenagoa will gulp over N25 billion.

The designated marshy terrain, situated along the strategic Sani Abacha expressway in Yenagoa metropolis, has already been cleared by the government. It is a private-public partnership project.

A total N130 billion is required to fund the project. Speaking to newsmen in Yenagoa, the state Finance Commissioner, Dr. Silva Opuala-Charles said to translate into reality the vision of the state government, a Special Purpose Vehicle (SPV) to drive the process has been put in place. The private sector the commissioner noted will be expected to invest in the project while the government would have equity shares.

He said, "Based on Special Purpose Vehicle (SPV) which is a company to be incorporated; contracts will be awarded," adding that arrangements have reached an advance state. "The Central Business District is of first class standard which Bayelsans will be proud of as it will have a financial centre and shopping mall," he said adding that seven financial institutions including Oceanic Bank are leading the team of private investors who have indicated willingness to participate in the CBD projects. "With the clearing of the site for the project, the next phase is dredging which would take off after the Special Purpose Vehicle has been put in place by the stakeholders," he said adding that over N25 billion would be required for the dredging of the site for the Central Business District. "Apart from the CBD, government is also pursuing the Marina , the millennium park, the sea and airport as well as the three senatorial road projects which required huge sums of money to undertake," he added. Dr. Opuala-Charles said over forty internal roads projects are ongoing in line with the vision of Governor Timipre Sylva to open up the entire state especially the capital as a deliberate strategy to provide basic infrastructure and attract private investors to the state.

The commissioner described Governor Sylva as a focused and committed leader who is determined to move the state to the next level of development and would not be distracted by critics who are bent on pulling down his administration in spite of the remarkable progress it has made since assumption of office.

9yja

April 10th, 2008, 07:22 AM

Microsoft to Launch Applications in Three Nigerian Languages

HANA, 8 April 2008.

Microsoft Corporation plans to include Nigeria's dominant languages -Yoruba, Hausa and Igbo in the Microsoft Office application suite before year- end.

MS Office is a group of applications consisting of Word, a word processing application; Powerpoint, used for presentations; Excel, a spreadsheet application, and Access, an application used for databases. By the inclusion of the indigenous languages, users of the applications will be able to see them displayed in their preferred languages and commands can be given and received in any of the local languages. Citizenship Manager, Microsoft Nigeria, Mrs. Jummai Ajijola, said in an interview in Lagos that the project?which was designed to bring technology closer to people on the Africa continent.-- was at an advanced stage. She added that the project was part of a bigger scheme by Microsoft to include African languages in its applications so that more people could use technology in their local languages. Ajijola said eight African languages were involved in the entire project including Kiswahili, Wollof, Amharic and the three Nigerian languages. She said the drive for the project was based on the need to make technology available to people by removing the language barrier. "You do not have to speak English for you to be able to access technology. We can make it available to you whatever language you speak, so there can be more users of technology," she said. The project, Ajijola said, involved massive language translation work in collaboration with individuals and groups in the educational and IT sectors. The main translation was being undertaken by Dr. Tunde Adegbola of Lyder in Ibadan Oyo State, while the initial works were done by a number of professors at the University of Lagos. Softworks Nigeria Limited, a local IT firm, also played a leading role in bringing the experts together. Ajijola said a massive awareness campaign would be embarked upon by Microsoft to make people know about the work, while the inauguration of the project would be aimed at the rural populace by involving traditional rulers across the country. She noted that this was because the traditional rulers were the ones closer to the people, adding that the scheme would be implemented as a corporate social responsibility. Ajijola said the programme could also include the Fulani language in the future as it was being spoken in a number of West African and Central African countries. Many Microsoft applications are currently available in several of the world's languages with African languages being among the last to be included. But the development seemed to further reflect the increasing competition among major IT firms to make their products have the widest reach as possible. In 2006 Google announced the inclusion of the Yoruba language as an option for use in its search engine.

sammyjay77

April 10th, 2008, 09:41 AM

Sierra Leone: Nigeria to Provide 150 Megawatts Electricity

Bite me!!! This is one ridiculous News. We import what we have and export what we are lacking. Good News to Sierra Leone, another let down to Nigeria.

sammyjay77

April 10th, 2008, 09:53 AM

Indian firm to build 50-storey shopping mall in Abuja

Indian controlled firm, Churchgate Group is in talks with the authorities of the Federal Capital Territory with plans to construct one of the biggest shopping mall in Africa.

The 50-storey shopping mall will be located in Nigeria’s capital city, Abuja, the FCT Minister, Dr. Aliyu Modibbo Umar, said after holding talks with the management staff of Churchgate Group of companies led by its Chairman, Mr. Bhagwan Mahtani.

Though the cost of the project was not disclosed, the minister said that the multi-billion-naira shopping mall with twin towers would be located at the Constitution Avenue, beside the proposed Abuja Transportation Centre in the Central Business District.

Modibbo directed the Managing Director of the Abuja Investment and Property Company, Dr. Abdul Muktar in conjunction with the FCT Counsel-General and Secretary of Legal Services Secretariat, Mr. Muhammad Alkali to draft relevant laws that would give teeth to the decisions reached at the meeting, a statement from the FCT said on Wednesday.

So they say, lets hope it gets built.

Matthias Offodile

April 10th, 2008, 10:31 AM

Tbite, Nigeria was not just ruled by Obasanjo but many of the local governors were and still are more in love with their own pockets than with advancement of their own countries. Governing Nigeria is a very unrewarding task.

I am not anti-Obasanjo but neither pro-Obasanjo (although I still wish that he could have ruled for 4 more years): although there were many faults and wrongs during his admistration people seem to forget what a horrible shit country Nigeria was during Abacha rule, it was a pariah state (it was the time where many Nigerians looked for greener pastures elsewhere because they lost hope completely), Nigeria was a blemish not just for the world but for entire Africa. Obj inherited a bankrupt and entirely derailed country. Are you aware of what obstaces he had to overcome?

Moreover, the current government is doing NOTHING CONCRETE but is just obssessed by what OBJ did wrong instead of showing real and decisive action for their remaing three years in power. (if the military doesn´t decide to do otherwise)

Matthias Offodile

April 10th, 2008, 10:34 AM

Indian firm to build 50-storey shopping mall in Abuja

the usual stupid news, just one article (the normal "would , could, will and to do"- phrases) and nothing will happen!

Moreover, a shopping mall with 50 floors is just ridiculous!!!:nuts: Even 5 floors would be a revolution for Nigeria.

Matthias Offodile

April 10th, 2008, 10:39 AM

Matthias Offodile

April 10th, 2008, 10:40 AM

Tbite

April 10th, 2008, 10:50 AM

the usual stupid news, just one article (the normal "would , could, will and to do"- phrases) and nothing will happen!

Moreover, a shopping mall with 50 floors is just ridiculous!!!:nuts: Even 5 floors would be a revolution for Nigeria.

Churchgate group already has two towers in Nigeria, so who knows.

Churchgate towers in Lagos

and the Churchgate Plaza. The tower that was recently completed in Abuja (Which imo is probably the tallest building in Abuja) was constructed by Churchgate group

Matthias Offodile

April 10th, 2008, 11:37 AM

I know these buildings but do you seriously believe that they can build a shopping mall with 50 floors????? Then they are telling something about twin towers, too?

This kind of message is weird!

Matthias Offodile

April 10th, 2008, 12:37 PM

Nigeria: AFC to Build $700 Million Ring Road in Port Harcourt

This Day (Lagos)

8 April 2008
Posted to the web 8 April 2008

Constance Ikokwu
Washington, DC

The Africa Finance Corporation (AFC) and the Rivers State Government have agreed to construct an 88-kilometre ring road in Port Harcourt at the cost of $700 million.

AFC President/Chief Execu-tive Officer (CEO), Austine O. Ometoruwa, and Managing Director/CEO, ICMG Securities, Mike Osime, signed a memorandum of understanding with Governor Chibuike Amaechi on the public-private partnership in Port Harcourt last Friday.

The road will be the largest municipal highway project in Africa and is expected to be a catalyst to the city's economic development.

Ometoruwa told THISDAY that the road would support Port Harcourt's ambition of becoming a regional commercial hub, and would form an integral component of the state government's master plan for the revitalisation of the city.

The road, which will be constructed by China Harbour Engineering Company (CHEC), also includes in its master plan the establishment of a new town north of the airport. According to him, CHEC is responsible for some of the world's most outstanding civil engineering structures, including Beijing's six ring roads.

The other technical partner, Roughton International. AFC, he said, would lead the project development, management, and financial structuring of the private-sector-led partnership, which includes AFC financial partner, ICMG Securities.

Ometoruwa said the completion would be in 30 months, and would feature accompanying commercial developments, that would ease the crippling congestion and dramatically improve the city's economic competitiveness.

He said the AFC would also help the state to revitalise its electric power programme, in a 24-month initiative.

AFC with its financial partner, ICMG Securities, and technical partner, SEPCO, according to him, would mobilise funds to upgrade various power plants in the state, as well as rehabilitate the existing transmission and distribution system.

"AFC will manage and operate the generation, transmission and distribution assets, acting as an operating partner in generation and a majority ownership partner in distribution," he said.

The finance corporation, he added, would invest in an upgrade of assets across a broad spectrum, and would work with the state government to design a commercially viable tariff structure.

He said: "AFC will also help the authorities create payment security mechanisms, including pre-payment metering system to improve collections and overall revenues."

AFC is a hybrid investment bank and development finance institution devoted to driving the development of infrastructure in Africa.

Among other projects, it is leading the development of a $1billion deep sea port in Olokola off the coasts of Ogun and Ondo States and financing an emergency power project in Guinea-Bissau.

PS: Again we only see the "future form" :ohno:but if this project gets realised, this would be fantatstic!

sammyjay77

April 10th, 2008, 06:14 PM

Nigerian Dangote buys into S. Africa cement firm

LAGOS, April 10 (Reuters) - Nigeria's leading industrial conglomerate, Dangote Group, has acquired a 45 percent stake in South Africa's Sephaku Cement for 3 billion rand ($378 million) through a private placement, the two parties said on Thursday.

The cash from the strategic partnership will help finance the building of a 2.2 million tonnes per year cement plant in South Africa that is expected to start production by mid 2010, they said in a statement.

The deal is the latest move by Nigerian tycoon Aliko Dangote, Africa's most successful businessman, who controls about two-thirds of the Nigerian cement market, to expand his interests in the world's poorest continent.

Sephaku Cement is a subsidiary of Sephaku Holdings Ltd, a South African minerals exploration, development and investment company. The cement firm plans to list on the Johannesburg Stock Exchange in September after road shows to raise 1.2 billion rand.

"The partnership will provide Sephaku Cement with the necessary funding and technical expertise to expedite the construction of their new cement plant without affecting their status as a black owned and controlled cement company," the statement quoted Lelau Mohuba, the firm's chairman as saying.

Dangote signed contracts worth $1.2 billion in February with China's Sinoma International to built cement plants in the Democratic Republic of Congo, Equatorial Guinea, Ethiopia, Tanzania, Senegal and Zambia.

Sinoma and Dangote also signed another contract in February worth $1.6 billion to build six cement production lines in Nigeria, the Chinese firm said in a statement on its Web site.

Dangote commissioned two cement plants last May in central Nigeria with a combined capacity of 8 million tonnes a year, after it first bought control of the Benue Cement Company <BCEM.LG>.

The Nigerian company's other interests include the manufacture of sugar, flour, salt and spaghetti, as well as hydrocarbons, shipping and telecommunications. The firm listed two of its subsidiaries on the Nigerian Stock Exchange last year. (For full Reuters Africa coverage and to have your say on the top issues, visit: http://africa.reuters.com/) (Editing by Pascal Fletcher, Paul Bolding)

9yja

April 10th, 2008, 06:38 PM

Nigerian Dangote buys into S. Africa cement firm
Dangote escapes plane crash

By Mike Awoyinfa and Dimgba Igwe
Saturday, April 5, 2008

But for divine intervention, Alhaji Aliko Dangote, Nigeria’s globally-acclaimed billionaire listed by Forbes magazine as one of the world’s richest men, would have been involved in a fatal plane crash.

The billionaire was returning to Nigeria from a business trip to South Africa when his private jet developed an engine problem across the skies of Angola.
One of the engines shut off when the plane was at over 40,000 feet above sea level.

In an exclusive interview with the SATURDAY SUN, Alhaji Dangote painted a scary picture of a plane vibrating dangerously in the Angolan sky, as the crew struggled for an emergency landing at such a high altitude, using one engine.

“The plane was coming from South Africa,” he narrated. “The engine problem developed about 138 miles away from Luanda, because we were passing Luanda to come to Nigeria.
“The plane was vibrating. It was terrible. It was a very bad experience. The pilot was calm. We were all calm.”

Asked what was going through his mind during the traumatic moment, Dangote replied: “What can you do other than to pray? In such a situation you have nothing to do than to pray and you think of your family.”

Dangote believes it was the prayers that saved him and his co-travellers as the pilot miraculously controlled the plane and made an emergency return landing at the airport in Luanda.
But that was when Dangote realised how close to death he was because barely two minutes after their emergency landing, the in-built generator of the second engine also packed up. If that had happened two minutes before landing, the entire three passengers would have perished.
Waxing philosophical, Dangote said: “Death can come any time. Even if you are in your bedroom, once it is your time to go, you will go.”
Luckily, it wasn’t Dangote’s time to go. Like a cat with nine lives, the billionaire has cheated death thrice in the sky.

Excluding this latest near-plane crash, Dangote reveals: “I have experienced plane crash twice. We had one in London in January or March 1983. We landed at the end of the runway. Everybody escaped, apart from the co-pilot.
“The co-pilot got paralysed. That was actually my first aircraft. We had a crash-landing and the plane got burnt actually. But we all escaped. Nine of us escaped.
“According to aviation experts we were very lucky because it was one of the bad accidents that people hardly escaped from.

“The second plane crash involved Hamzair, when they newly started operation. It was the first flight in Kano. And ironically it was their last one.”
In spite of the hazards of flying, Dangote who has to fly all the time in search of business says he cannot afford to develop a phobia for flying.

“As a businessman, if you put a lot of fear inside you, then you won’t be able to transact any business,” he says. “In modern day business, you have to travel quite extensively.”
A week before the near-plane crash, he had come to Angola to transact business before heading for South Africa, but he was given only one-way visa to Angola.
You would expect the authorities in Angola to be sympathetic to a billionaire who had just survived a near-plane crash. But they kept him for 36 hours.

He explains: “The visa had expired and we needed to reapply for a fresh visa. They are very crazy with their visas. We went in and they held our passports and we had to go and look for another aircraft to come and carry us. And that took almost 36 hours.”
If you ask him, lucky Alhaji Dangote would definitely agree that 36 hours in Luanda is far better than a long journey into eternity where no one returns. His next birthday is April 10.

kulani

April 10th, 2008, 07:00 PM

i am happy to see that business deals and investment within Africa is on the rise.
It shows that we can find solutions to our own problems here in Africa.

sammyjay77

April 10th, 2008, 07:30 PM

Dangote escapes plane crash

A week before the near-plane crash, he had come to Angola to transact business before heading for South Africa, but he was given only one-way visa to Angola.
You would expect the authorities in Angola to be sympathetic to a billionaire who had just survived a near-plane crash. But they kept him for 36 hours.

He explains: The visa had expired and we needed to reapply for a fresh visa. They are very crazy with their visas. We went in and they held our passports and we had to go and look for another aircraft to come and carry us. And that took almost 36 hours.If you ask him, lucky Alhaji Dangote would definitely agree that 36 hours in Luanda is far better than a long journey into eternity where no one returns. His next birthday is April 10.

It is ridiculous that he was given just a one way visa and had to go thru all that to get his - you may say everybody is equal - no doubt about that but discretion and diplomacy should come to thoughts.We Africans like showing off when it is most unneccessary. Well common sense is not common

Rdokoye

April 11th, 2008, 03:46 AM

FG REVERTS OWERRI TO CARGO AIRPORT

The Federal Airport Authority of Nigeria (FAAN) has designated the Sam Mbakwe Airport, Owerri as a cargo airport.
The plan which is said to have received the blessing of the Imo State government, which contribution significantly to the upgrading of the airport in terms of facilities will henceforth recognise the airport as cargo airport, which was its designation in the past, whenever Federal Government gives its nod.

Already the state government and FAAN had set up a committee to come up with all modalities to lead to the building of a befitting cargo shed for the smooth take off of cargo operation in the airport.
The Owerri Airport Manager, Mr. Mgbemene Orjiakor who made this known, disclosed that the master plan for the cargo shed was already out while contract has been awarded to bulldoze the area the shed would be built and also relocate people who live around the area to another place.

“The Owerri airport has been designated as an international cargo airport. We already have a committee from the state house working out how the cargo shed will be developed. The master plan is already out. A contract has been awarded to bulldoze the area and to move the people that has been encroaching the airport land. There was a little scuffle there and the contractor has done more than 20% of the job where the bonded warehouse would be built,” he said.

Orjiakor added that in addition to building a bonded warehouse, plans are also underway to make the airport a tourist attraction so as to generate more funds from non-aeronautical business opportunities.
“We are already mapping out the boundary so that we know where to start developing while survey on airport fencing would start soon. The state government has promised to do that for us and immediately that is done, we start up the fencing.”

When the Port Harcourt Airport was under rehabilitation, Owerri became the alterative airport, prompting FAAN and the state government to hurriedly put necessary facilities for ease operation at the airport.
But throughout the period flight operations at the airport only took place during the day because there was no airfield lighting, which FAAN promised to install but had not received a go ahead from the Federal Government.
The airport manager said FAAN would be fixed so that cargo aircraft could land in the night, nothing that by June this year the lighting would be completed, but called on the state government to provide high capacity generator for the airport so that efficient utilization of the runway lighting could be guaranteed when eventually installed.

Rdokoye

April 11th, 2008, 03:50 AM

OHAKIM TO COMMISSION N17BN ROAD PROJECTS IN IMO STATE

A total of 26 road projects scattered across the three senatorial zones of Orlu, Okigwe and Owerri valued at over 17 billion naira are expected to be commissioned by the Imo State Governor Chief Ikedi Ohakim.
Governor Ohakim who has been on media tour of the road projects sites with Journalists to inspect the extent of work at the projects stated that his administration is poised to make Imo State a one city state in this first year in office through the opening of the rural roads network embarked by his government.

The Governor maintained that the New Face of Imo Agenda is not an Owerri Urban affair, Orlu urban affair or Okigwe urban affair but rather a Government that is ready to transverse all the 27 LGAs and the 2,095 Communities in Imo State.
He disclosed that every road construction which his administration embarked have not only an economic value to stand s the tests of time.

According to him, the idea behind the massive road construction is geared towards decongesting every urban cities in the state especially Owerri the state capital where every LGAs in the state will have an economic value which will make people to invest in their localities.
Government Ohakim who was accompanied on the inspection tour by the Speaker of the Imo State House of Assembly, Rt. Hon. Good Luke Opiah, state lawmakers of mainly the affected LGs that have been visited,

Commissioners, SAa, EAs, as well as the SSG, Chief Cosmas Iwu explained to the contractors that his government will not accept any work that is short of the contract agreement and standard required from them.
He noted that all the Contractor handling most of the road projects are Imo citizens which has justified his administration resolve to create jobs to the people of the state especially the youths.

Speaker of the state Assembly Hon. Nna-Nna Opiah who expressed delight over the massive road construction work being handled by the Ohakim -led administration noted that the presence of some state lawmakers on the inspection tour have demonstrated that the Governor has the support of the entire state lawmakers.
While the Majority Chief Whip of the State Assembly. Hon. Chris Eboh while commending Governor Ohakim on his efforts in putting smiles on the faces of Imo people with his rural developmental infrastructures enjoined ENERCO Nig. Ltd. Handling the Amuro-Aro Ofeimo Nkwo Father-Akunwata Eke Agbobu road to expedite action and ensure good quality job.

Earlier, the Commissioner for Works, Housing and Transport. Barr. Ralph Nwosu in an interview with Journalists explained that the presence of the media at the project sits shows that the Ohakim-led administration in the state is very transparent.

Barr. Nwosu stressed that the efforts which the state government is putting into road construction is to ensure that every part of the state will be accessible.
Some of the road projects so far inspected is Okwelle Ezike Umuduru road. Amuro Aro Ofeimo-Nkwo Father-Aku Nwata-Eke Agbobu road, Dikenafai Isiekenezi Umuago road, Nkume-Amucha-Eziama-Obaire road, Afor-Umuaka Amazano-Nkpulu road and shoe Industry Amulu-Mbieri road.

pappy

April 11th, 2008, 06:25 AM

Nigerian Dangote buys into S. Africa cement firm

LAGOS, April 10 (Reuters) - Nigeria's leading industrial conglomerate, Dangote Group, has acquired a 45 percent stake in South Africa's Sephaku Cement for 3 billion rand ($378 million) through a private placement, the two parties said on Thursday.

The cash from the strategic partnership will help finance the building of a 2.2 million tonnes per year cement plant in South Africa that is expected to start production by mid 2010, they said in a statement.

The deal is the latest move by Nigerian tycoon Aliko Dangote, Africa's most successful businessman, who controls about two-thirds of the Nigerian cement market, to expand his interests in the world's poorest continent.

Sephaku Cement is a subsidiary of Sephaku Holdings Ltd, a South African minerals exploration, development and investment company. The cement firm plans to list on the Johannesburg Stock Exchange in September after road shows to raise 1.2 billion rand.

"The partnership will provide Sephaku Cement with the necessary funding and technical expertise to expedite the construction of their new cement plant without affecting their status as a black owned and controlled cement company," the statement quoted Lelau Mohuba, the firm's chairman as saying.

Dangote signed contracts worth $1.2 billion in February with China's Sinoma International to built cement plants in the Democratic Republic of Congo, Equatorial Guinea, Ethiopia, Tanzania, Senegal and Zambia.

Sinoma and Dangote also signed another contract in February worth $1.6 billion to build six cement production lines in Nigeria, the Chinese firm said in a statement on its Web site.

Dangote commissioned two cement plants last May in central Nigeria with a combined capacity of 8 million tonnes a year, after it first bought control of the Benue Cement Company BCEM.LG.

The Nigerian company's other interests include the manufacture of sugar, flour, salt and spaghetti, as well as hydrocarbons, shipping and telecommunications. The firm listed two of its subsidiaries on the Nigerian Stock Exchange last year. (For full Reuters Africa coverage and to have your say on the top issues, visit: africa.reuters.com/) (Editing by Pascal Fletcher, Paul Bolding)

sammyjay77

April 11th, 2008, 08:45 AM

N70bn Lagos light rail ready in 2011

Less than a month after introducing the Bus Rapid Transit scheme, the Lagos State Government has approved N70bn for another mass transit programme, this time, the light rail project.

And excited by the instant success of the BRT Lite, the state government has also increased the number of buses on the Mile 12 -Ikorodu Road-CMS route from 126 to 196.

The Managing Director, Lagos Metropolitan Area Transport Authority, Dr. Dayo Mobereola, made the disclosure in Lagos on Thursday at a meeting with a delegation from the National Institute for Policy and Strategic Studies, Kuru, led by its Director-General, Prof. Akin Akindoyeni.

He said that the N70bn was for the completion of two rail networks, which would be ready for operation by 2011.

The two lines, he added were part of the seven rail networks, which LAMATA had prepared for development in the state for effective integrated transport system.

The two lines, according to him, will run through Agbado-Iddo-Marina and Ojo/LASU-Okokomaiko-Marina routes.

He said that the private sectors would provide the rolling stock for the running of the light rail, just like the BRT Lite currently being operated by the National Union of Road Transport Workers.

Moreberola stressed that LAMATA would provide the policy direction and regulation of the transport scheme, in addition to the provision of the necessary infrastructure.

He also said that the rail lines would link the airport, lamenting, that Lagos was the only mega city in the world without an efficient rail system.

It is also the only mega city where its airport is not linked by rail.

The LAMATA boss said, already, two consultants were on ground to come out with feasibility studies and drawings for the project. These should be ready by the end of July this year.

He added that the lines would not interfere with the existing or new rail tracks being conceptualised by the Federal Government along the corridors.

Tbite

April 11th, 2008, 10:07 AM

Here's another more detailed article on project.

http://allafrica.com/stories/200804100603.html

Tbite

April 11th, 2008, 10:15 AM

FCTA to raise N50bn to finance Abuja Boulevard

The FCT Administration has concluded ar-rangement to raise about N50 billion from the Organized Private Sector to finance the Multi-Billion Naira Abuja Boulevard project.

The FCT Minister, Dr. Aliyu Modibbo Umar made this disclosure Friday at the commissioning ceremony of the Maitama Amusement Park in Abuja.

The Minister revealed that the Abuja Boulevard which is about 6.5 kilometers is envisaged to be completed within one to two years; adding that its ground breaking will be performed in June or July 2008.

Dr. Umar noted that the response from the Organized Private Sector towards the project has been so impressive and assured that the FCT Administration will continue to provide an enabling environment for the sector to flourish in order to drive the economy to greater heights.

The Minister also revealed that the FCT Administration will soon review its concession policy with the Organized Private Sector to make it more viable and attractive for increased investment inflow into the Territory.

His words, "to start the review in earnest and to express our commitment of bringing private investors to drive the FCT economy, the government will release the Certificate of Occupancy of the 18 hectare Maitama Amusement Park to its management before the end of December 2008."

Dr. Umar remarked that the entrepreneurs have expended a lot of their money to develop such property which should be commended instead of being tied down with technicalities which he emphasized is not in the interest of the nation.

According to him, it is the business of the government to collect rents and charges on such property but not to go into any business agreement which can hardly be comprehended.

Dr. Umar commended the management of the Abuja Amusement Park for the first touch they have given to the development of the Park; stressing that he is impressed and encouraged by the development.

Speaking earlier, the Managing Director of the Abuja Amusement Park, Ambassador Saidu Pindar said that they invested N670 million on the first phase of the project which has offered employment to 100 Nigerians.

The Managing Director also said that the second phase will soon commence and that N5 billion will be spent with employment target of 500 Nigerians.

He commended the FCT Administration for this laudable initiative of concessioning some green areas in the Federal Capital City.

President Umar Musa Yar’Adua was represented at the occasion by the Minister of Tourism, Culture and National Orientation, Adetokunbo Kayode (SAN).

Tbite

April 11th, 2008, 10:17 AM

Maitama Amusement Park Excites Abuja Residents

The Federal Capital Territory Abuja came alive yesterday as excited residents of the city, in their hundreds, were shown round world-class recreational facilities in the Maitama Amusement Park, the city's latest addition to the leisure and entertainment industry.

The occasion marked the official commissioning of the N5 billion recreational and entertainment facility, which was conceptualised and developed by SUBOTECH Nigeria Limited. It is Nigeria's largest park covering 18 hectares of land in the highbrow area of Maitama, Abuja, with different rides, games and activities.

The chief executive officer and managing director of SUBOTECH Nigeria Limited, owners of the park, Ambassador Saidu Pindar (OON), said the park was a product of his several trips to other countries of the world in the course of his public service career spanning over 35 years. "I have had the privilege of traversing the world as part of a tour of duty in the service of our nation. I have witnessed and experienced how recreational facilities, leisure and associated services have been used to turn cities into tourist havens and ultimate contributor to national wealth," said Pindar.

This realisation, he maintained, planted the initial seeds that encouraged his team to complement Nigeria's rising profile as a tourist destination of choice and, more importantly, to inculcate the culture of relaxation and leisure into the lives of Nigerians.

The SUBOTECH boss continued: "Over the ten-year period it has taken to conceptualise and develop this dream, I must say that by far the greatest catalyst for this project is the federal government's liberalisation of the tourism sector and the restoration of the Abuja master plan. This latter policy entailed, amongst others, the concessioning of green areas within the FCT for development into parks and recreational areas. We thus got the FCT administration's approval to build and operate an amusement and recreational facility on this 18-hectare land for an initial concessionary period of 50 years.

"The capital-intensive nature of this project, coupled with the very challenging topography of this site, made development a very uphill venture. We would not have been able to surmount the drainage and flood problems within the park without the assistance of the FCDA and AMMA (DPR). I am also glad to inform that several foresighted individuals saw the very high potentials herein involved and, coupled with our personal commitment, agreed to share in our dream for this venture. Thus far, we have invested about N670m to enable the commissioning of only the first phase, and have provided employment to over 100 Nigerians.

"We have an unparalleled advantage in this service, in that we are a wholly Nigerian concern, developed as a result of our desire to give back to Nigeria from the opportunities we have had and in response to the federal government's call for a private-public partnership as the most effective panacea to our national economic reengineering. We have 14 different rides, games and activities some of which are unique to us only, and we have a crop of dedicated staff that are enthusiastic and passionate about their job. We have a select group of private investors who are discerning enough to identify the huge potentials in this business and who, like me, share in the federal government's desire to turn Abuja into a tourist destination of first choice. In addition, we have partnered with Seven-Up Bottling Company and Sambest Bottling Company as our major suppliers of drinks while eateries like Bon Cafe, Indomie, UAC restaurants, Chicken Republic and Drumstix have all signed up to operate within the park. We also have about ten other partners offering various complementary services.

"The second phase of the development of the Maitama Amusement Park will commence and continue concurrently even as we open the Phase One for public use. Our future plans include modern food court, cinema theatre, roller coaster and 20m Ferris wheel.

"An extensive water game, which includes rides and slides, and a wave pool, is currently being designed to take advantage of the stream running through the park. A mini zoo is already being constructed while a Jurastic park with animatronics and dinosaurs is also planned. We anticipate that the FCT authorities will allow us build a modest tourist hotel to fully complement services being offered. All these will be available in the second phase. We envisage investing an estimated N5 billion on this 18-hectare land to achieve the comprehensive plan and provide employment to some 500 Nigerians."

Commissioning the facility, President Umaru Musa Yar'Adua, represented by the minister of tourism, culture and national orientation, Adetokunbo Kayode, said the project was a demonstration of the creative spirit of Nigerians.

The whole essence of his administration's seven-point agenda, Yar'Adua maintained, "is to bring the spirit of empowerment and creativity; if a project like this can be established in every city, we would be looking at about N10 billion in the next ten years and, by that time, one out of every ten Nigerians would be lucratively engaged in the tourism sector."

He tasked state governments to partner with the private sector in the project that could create jobs for thousands of Nigerians and raise their standard of living.

Yar'Adua stressed that his administration was reviewing the nation's fiscal policy and tax system to engender a safe and secured business environment for investors.

In his remark, the minister of the Federal Capital Territory, Dr Aliyu Modibbo Umar, said the FCT administration places high premium on achieving a unique character for the city, which informed his decision to designate 135 hectares of land by the children's zoo as Abuja Central Park, adding that the FCT was working on a N50 billion boulevard through public-private partnership.

Modibbo further said that his administration was going to review the whole idea of concessioning land. "I think entrepreneurs should not be tied down to concessioning, so I have been reviewing that process and I think I ought to give you your certificate of occupancy. I really do believe that the concessioning of FCT needs to be reviewed," he stressed.

Concessioning, he said, creates room for corruption, as the business of the FCT is to collect levies and provide services, and advised the park's management to ensure traffic is controlled at all times.

Website (www.maitamaamusementpark.com)

GregPz

April 11th, 2008, 12:25 PM

Nigerian Dangote buys into SA cement firm

By Tume Ahemba

Lagos - Nigeria's leading industrial conglomerate, Dangote Group, had acquired a 45 percent stake in South Africa's Sephaku Cement for R3 billion through a private placement, the two parties said yesterday.

The cash from the strategic partnership would help finance the building of a 2.2 million tons a year cement plant in South Africa that was expected to start production by mid 2010, the companies said.

The deal is the latest move by Nigerian tycoon Aliko Dangote, one of Africa's most successful businessmen, who controls about two-thirds of the Nigerian cement market.

Sephaku Cement is a subsidiary of Sephaku Holdings, a South African minerals, exploration, development and investment company. The cement firm plans to list on the JSE in September after raising R1.2 billion.

"The partnership will provide Sephaku Cement with the necessary funding and technical expertise to expedite the construction of their new cement plant without affecting their status as a black-owned and -controlled cement company," said Sephaku Cement chairman Lelau Mohuba.

Dangote signed contracts worth $1.2 billion (R9.3 billion) in February with China's Sinoma International to build cement plants in six African countries. Sinoma and Dangote signed another contract that month worth $1.6 billion to build six cement production lines in Nigeria.

Dangote commissioned two cement plants last May in central Nigeria with a combined capacity of 8 million tons a year, after it bought control of the Benue Cement Company.

The company listed two of its subsidiaries on the Nigerian Stock Exchange last year.

Published on the web by Business Report on April 11, 2008.
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© Business Report 2008. All rights reserved.

Tbite

April 11th, 2008, 12:37 PM

ufookoro

April 11th, 2008, 12:59 PM

Power: 25 German firms show interest in Nigeria
09 April, 2008 12:00:00 KIRK LEIGH & AUSTIN IMHONLELE
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A new frontier towards fixing Nigeria’s comatose power sector may have been opened as the Federal Government has entered into discussion with 25 German energy firms.
Some of the 25 companies already showing interest to assist Nigeria develop the power sector include EON, one of the largest power companies in Europe; Julius Berger; Siemens, which are already in the area of construction and power generation in Nigeria and a few others who were at the Nigerian Embassy in Germany for a meeting with some Nigerian energy experts.
The meeting, which was co-ordinated by Nigerian ambassador to Germany, Abdul bin Rimdap, was aimed at improving the power situation in Nigeria.
Although, EON Energy has advocated solar Energy, wind energy, biomass as the most feasible ways to boost power in Nigeria, others have equally canvassed their various areas of specialisation as the best option for power growth in the country.
For instance, the companies which specialise in the area of gas supply supported the development of LNG whereas others opted for such sources as wind, solar and nuclear energy to develop Nigeria’s power energy.
“Details of the mega watts of electricity they plan to establish were not disclosed but at the time of the discussion, the companies were set to improve electricity. I think we earlier discussed 16,000 mega watts with the president,” said Rimdap.
He disclosed that the discussion started during the visit of German foreign minister to Nigeria last year when President Yar’Adua requested the support of German energy firms to assist Nigeria in her quest to develop her power generation, distribution and transmission.
In response to this request, the German state secretary also visited Nigeria with German energy experts where the president further requested that Nigerian energy experts be trained in Germany.
“Since the request was made by the president, Nigerian energy experts visited Germany on March 16, 2008 to meet with about 25 German energy firms to chart the way forward on power and has so far scheduled April 18 to sign a framework on this cooperation. The cooperation is part of government’s efforts to boost economic activities in the country.”

Business Day further gathered that as a result of this nagging power generation problem, series of meetings had been held, with another, slated for April 18, also in Germany to finalise the talks.
And perhaps as a mark of confirmation of the German government’s determination to bail the country out of its energy doldrums, both countries have tremendously improved their bilateral relations to convince German businessmen of Nigeria’s commitment to this power project and to further show that the country was committed at resolving the problem of debt owed some German companies in Nigeria. As a result of this cooperation, the Commerz Bank, which is the second largest bank in Germany, have started operations in Lagos.
Nigeria, according to some of the German companies which volunteered to comment, would be the second country where they would be having this huge electricity corporation after Norway.
“As soon as the frame work agreement is signed, the German firms will come in the area of capacity building. This training will lead to the establishment of an energy training institute where Nigerians can be trained on technical application of technology,”
Bin Rimdap further said, the president earlier gave the end of last year as a dead line to achieve the power issue before , but were waiting for the committee on power recently set up on energy to finalise their document.
Bin Rimdap was optimistic that before the end of May, the committee’s document will be available for both countries to consider; suggesting that once the document is approved by both countries, the individual private companies will be involved.”
Interestingly, one of the companies has visited Nigeria on the use of biomas to supplement fuel, crude oil. The company, as starters, has been given the contract on environmental protection in Abuja while Lagos, Kano, Port Harcourt and other states of the federation are said to be on stand by to equally benefit in the deal.
The funding aspect, Business Day has gathered, will be discussed with not only the German government but will involve some Nigerian banks.
“We have not got the final document yet, we are currently on the frame work.”
On the bilateral relation between Nigeria and Germany, Rimdap said there had been a tremendous improvement in the Investment Promotion Protection Agreement (IPPA), which is a legal frame work that is set to convince German businessmen to do business in Nigeria.
“Immediately all documents were signed and exchanged last August, IPPA came into effect by September last year.”
It would be recalled that after the German foreign minister’s visit to Nigeria followed by the visit of the country’s State Secretary in September last year, President Yar ‘Adua was also in Germany in November last year for the African Forum hosted by German government.

ufookoro

April 11th, 2008, 01:13 PM

N70bn Lagos light rail ready in 2011

This is the news that realy excites the pants out of Nigerians like myself. Lagos is proving to be commited to becoming the Economic hub of the West African sub region.:banana::banana::banana:

kulani

April 11th, 2008, 03:32 PM

i doubt the Angolan authorities would have treated him the same way they would have treated a business man of his stature from say North America (assuming that Mr Dangote followed due process). He is an investor or at least a potential one for crying out loud and not some guy coming to Angola to overstay his welcome, so i find this a little unfortunate.

Matthias Offodile

April 11th, 2008, 06:39 PM

Nigerian Dangote buys into SA cement firm

The same article has been posted thrice!:bash:

usersky0010

April 11th, 2008, 07:40 PM

The same article has been posted thrice!:bash:

this article again!!
good heavens sake :bash: :bash:

usersky0010

April 11th, 2008, 07:42 PM

The same article has been posted thrice!:bash:

Not again !!!:bash: :bash:

Matthias Offodile

April 11th, 2008, 07:50 PM

I just said that the same article has been posted three times, we should keep an eye on what we post, that´s all! OK!!!!

popa1980

April 12th, 2008, 04:41 PM

I am a big fan of 'inward' investment within Africa.

popa1980

April 12th, 2008, 04:45 PM

Dangote seems to be one the companies of "the future" in Africa.

oshon

April 12th, 2008, 06:34 PM

Written by GFranklin Alli
Thursday, 10 April 2008
TOLARAM Group of companies, the parent company of owner of De-United Foods Industries Ltd manufacturers of Indomie Noodles, and Lucky Fibres (Nig) Ltd has commenced moves to inject an additional US$6 billion (about N732 billion) investment into the economy over the next four years.

Chairman, Mohan Vaswani disclosed this while fielding questions from newsmen in Lagos, stating that the group is set to invest an additional $6 billion dollars through the newly floated companies: Viva Methanol Limited, Lagos Free Trade Zone Company, and Lekki Port LFTZ Enterprises.

“The investments in these companies are estimated at US$6 billion over the next four years period of time,” said Vaswani.
Concerning Viva Methanol Limited, the Managing Director, Mr. Haresh Aswani that the ethylene and propylene production factory will start full operation by 2011.

Aswani said the plant will become the first commercial scale plant to use UOP technology to produce olefins from methanol derived from natural gas.

“ The new facility is set to become the largest producer of the chemicals in the world with 1.3 million metric tones of ethylene and propylene yearly. Ethylene and propylene are the chemicals used for the production of polyethylene and polypropylene (for producing plastics), he said

The project has been set up due to three strategic advantages which he said includes low cost feedstock with abundant availability, export processing zones status, and access to deep sea port. The project, he disclosed, will be operated in two phases both of which be fully operational by 2011.

“with Nigeria’s abundant gas supply , Viva Methanol plant, when fully operational will upstage Singapore as the largest in the world with an annual capacity of 1.3 million MT of methanol,” said Executive Director Mr. John Mastoroudes.

Finance Director of Viva Methanol Mr. Kundan Sainani, who disclosed that the factory would gulp $4 billion ( about N488 billion). “ with the gas to polymers plant as an anchor tenant on the site, the Lagos FTZ will attract associated down stream , support ancillary industries into the value chain thereby establishing itself as a specialized world class petrochemical park,” said Sainani.

pappy

April 12th, 2008, 11:19 PM

Dangote seems to be one the companies of "the future" in Africa.

truth.com

Tbite

April 13th, 2008, 03:59 AM

IMF Forecasts 9% Growth for Nigeria

The International Mon-etary Fund (IMF) yesterday forecast nine per cent economic growth and single digit inflation for Nigeria in its newly released Regional Econ-omic Outlook for sub-Saharan Africa.
Deputy Director, African Department of the IMF, Mr. Saul Lizondo at a press briefing on the Regional Outlook expressed optimism that the nation’s economy would rebound.
The IMF forecast for Nigeria is coming just as the World Bank said a major chunk of the US$50 billion private capital flows into sub-Saharan Africa in 2007 were directed to Nigeria and South Africa.
The IMF boss said:”The economy will rebound. We are forecasting healthy growth of 9 per cent for the oil and the non-oil sector. And in terms of inflation, we consider that the economy will continue with single digit inflation, in particular, the Governor of the Central Bank has been tightening inflation”.
The CBN had forecast a growth rate of 7 per cent for this year and 13 per cent for the year 2020. Currently, inflation is also about 8 per cent. This cheery news from the World Bank depicts that Nigeria is on course to surpass its projected economic growth. Nigeria is currently the 41st largest economy in the world.
Despite the expected impressive economic outlook for Nigeria, Ms. Benedict Christensen also of the African Department of the IMF, who spoke earlier however, noted that, “growth in sub-Saharan Africa should average about 6 per cent, this year,” driven by oil exports, with growth in oil imports expected to taper off modestly.
Christensen said: “with higher food and energy prices, inflation is projected to rise slightly to about 8_ per cent this year.”
Essentially, she pointed out that, “the immediate prospects are for continued economic expansion but with a widening gap between oil exporters and oil importers.”
When compared with the 1990s, Christensen noted that, “the region is better placed to withstand a worsening of the global environment.”
“Many countries in the region are less exposed to shifts in global economic conditions. Smaller current account and fiscal deficits, lower inflation, reduced debt, increased foreign reserves, and strengthened policy frameworks have all helped make the region more resilient to external shocks,” she said.
“Real GDP expanded by about 6 per cent, fuelled by growing production in oil exporters, and rising domestic investment and productivity across the region” she added. The growth, she explained, was supported by successes in stabilising economies and implementing structural reforms.
She said solid global demand for commodities, greater flows of capital to Africa, and debt relief have helped increase resources and lift growth.
Christensen said the external environment has become less favourable, and risks in 2008 are tilted to the downside.
“The global economy is slowing down, oil prices have risen to record levels, and global financial markets are unsettled. This marks a shift from recent years when demand for sub-Saharan African exports was healthy, and non-fuel commodity prices were growing at double digits.
‘Rising oil and food prices pose increasing challenges to many countries and risks to the inflation outlook. If high oil prices are accompanied by a pronounced slowdown in the global economy—bringing weaker non-oil commodity prices—the exports of sub-Saharan Africa would be affected,” she explained.
Overall, Christensen noted, the main medium-term challenge for sub-Saharan Africa is to accelerate growth and achieve the Millennium Development Goals (MDG).
She lamented “while a growing number of countries are enjoying robust growth, only a few sub-Saharan African countries seem well-positioned to halve poverty by 2015.
Making the inflows into the sub-Saharan Africa known in its Regional Economic Outlook for sub-Saharan Africa released yesterday, the Fund noted that total inflows during the period under review, was about four times larger than flows in 2000.
“Most flows were directed to Nigeria and South Africa, but the increases also reflect the improved fundamentals elsewhere in the region. In a small group of countries, notably Ghana, Uganda, and Zambia, portfolio flows have been on the rise, attracted by improved risk ratings and higher yields,” the report stated.
It noted that private capital flows to sub-Saharan African countries have increased almost fivefold over the past seven years, from US$11 billion in 2000 to US$53 billion in 2007.
The increase in portfolio flows to US$23 billion in 2006, it said, was particularly rapid, reaching about 14 times the 2003 level. “Private debt flows have also increased rapidly since 2004. FDI remained fairly stable at about US$15–21 billion. Nigeria and South Africa together accounted for 47 per cent of total FDI flows; South Africa received 88 percent of the portfolio inflows,” the report said.
“In 2006, private capital flows to sub-Saharan Africa overtook official aid for the first time. The bulk of these flows went to South Africa and Nigeria, but portfolio flows are also trending up in a small group of other countries—notably, Ghana, Kenya, Tanzania, Uganda, and Zambia—in response to improved risk ratings and attractive yields.
“At the same time, private capital inflows present a challenge to policymakers, because significant inflows could lead to increased macro-economic volatility and the build-up of balance sheet vulnerabilities, and over time to real exchange rate appreciation and loss of external competitiveness.

Tbite

April 13th, 2008, 04:02 AM

Dubai World explores ports, mining, energy and urban development opportunities in Nigeria

Mining, energy, ports and urban development were major sectors under discussion on (April 11, 2008) at a meeting between the Chairman of Dubai World, HE Sultan Ahmed Bin Sulayem, and HE Umaru Musa Yar’Adua, the President of Nigeria, in the capital Abuja.

Mr. Bin Sulayem, and a number of senior Dubai World officials are on a tour of West Africa, exploring investment opportunities in the Sub-Saharan region.

During his talks with the Nigerian President, Mr. Bin Sulayem highlighted the diversified nature of Dubai World, and expressed keen interest in the country’s vastly untapped natural resources, with special emphasis on minerals and mining as well as development of new cities, downtown hotels and resorts. Investment opportunities in the expansion of a new port in Lagos, a fertilizer plant and the energy sector also came under discussion, in addition to the masterplanning and development of special cities (business cities) in Nigeria.

Speaking about his visit, Mr. Bin Sulayem said:

“Historically, Nigeria is a major trading partner of Dubai, and the purpose of our visit is not only to augment these ties, but to identify ways and opportunities to strengthen them further for the mutual benefit of both.”

“President Yar’Adua welcomed Dubai World investments in the country, and expressed his desire for further cementing economic ties with Dubai in the form of partnerships and joint ventures in various fields,” he added.

“Nigeria is a major destination for Dubai World and a key country in our overall plans for the African continent, where we intend to invest over $1.5 billion in the next few years. We have already launched some highly potent ventures in some African countries and are looking for more,” Mr. Bin Sulayem said.

Dubai World officials also met a number of Nigerian ministers and discussed plans for investments in ports and the possibility of setting up specialized logistics bases in the country.

Mr. Saeed Ahmed Saeed, CEO of Limitless discussed plans for the new main district of the Nigerian capital Abuja, and various real estate developments in the nation of around 141 million people. Specialized business cities within the country were also discussed. He explained how Limitless can add value in future masterplanning, during the delegation’s meeting with the Nigerian Vice President, and ministers.

A team of experts from Limitless will travel to Abuja next month to evaluate opportunities in the country and finalise various masterplanning and development deals.

The Nigerian government has invested heavily in the generation of vital information on minerals including coal, gypsum, barytes, kaolin and talc. Nigeria has one of the best quality coal deposits in the world with the lowest sulphur content.

According to Dubai World’s Statistics Department, Nigeria was Dubai’s leading West African trading partner in 2007, accounting for more than AED 1.12 billion in non-oil imports, exports and re-exports.
Email a friend

sammyjay77

April 13th, 2008, 12:14 PM

Nigeria, SA dominate capital flows to Africa -World Bank

A major chunk of the $50bn private capital flows into sub-Saharan Africa in 2007 were directed to Nigeria and South Africa, the World Bank Group said on Saturday.

In its Regional Economic Outlook for sub-Saharan Africa, the Bank noted that total inflows during the period under review, were about four times larger than inflows recorded in 2000.

”Most flows were directed to Nigeria and South Africa, but the increases also reflect the improved fundamentals elsewhere in the region. In a small group of countries, notably Ghana , Uganda , and Zambia , portfolio flows have been on the rise, attracted by improved risk ratings and higher yields,” the Bank said.

According to the report, private capital flows to sub-Saharan African countries have increased almost five-fold over the past seven years, up from $11bn in 2000 to $53bn in 2007.

It said the increase in portfolio flows to $23bn in 2006 was particularly rapid, reaching about 14 times the 2003 level, adding that private debt flows had also increased rapidly since 2004.

”FDI remained fairly stable at about $15.21bn. Nigeria and South Africa together accounted for 47 per cent of total FDI flows. South Africa received 88 per cent of the portfolio inflows,” the report added.

However, it said private equity and debt flows to sub-Saharan African countries remained small and were estimated at about $53bn in 2007, compared with total global capital inflows of about $6.4tn in 2006.

The Bank noted that in 2006, private capital flows to sub-Saharan Africa overtook official aid for the first time, adding that the bulk of these flows went to South Africa and Nigeria. Portfolio flows are also trending up in a small group of other countries, including Ghana , Kenya , Tanzania , Uganda, and Zambia, in response to improved risk ratings and attractive yields, it said.

According to the report, these inflows provide countries with an alternative source of financing for infrastructure and other investments, and should contribute to higher growth while enhancing prospects for meeting the Millennium Development Goals.

It said, ”At the same time, private capital inflows present a challenge to policymakers, because significant inflows could lead to increased macroeconomic volatility and the buildup of balance sheet vulnerabilities, and over time to real exchange rate appreciation and loss of external competitiveness.

”In the current financial market turmoil, there is also the risk of a significant slowdown or even a reversal of the inflows if global liquidity dries up and with it investors‘ appetite for risk.”

Global slowdown also affects sub-Saharan Africa through two primary channels -trade and financial links, the World Bank said.

As growth in trading partners slows, sub-Saharan Africa is affected by lower real external demand and declines in commodity prices and the terms of trade, it said.

The impact on growth would depend on the strength of the trade and financial linkages, the Bank said IMF forecast nine per cent growth rate for Nigeria

Meanwhile, the International Monetary Fund on Saturday predicted a growth rate of nine per cent for Africa, confirming an earlier exclusive report by THE PUNCH.

This growth rate surpasses the 6.5 per cent average for Africa, strengthening Nigeria‘s ranking as the 41st ranking largest economy in the world, according to a new report released by the World Bank.

The Central Bank of Nigeria had forecast a seven per cent growth rate for Nigeria in 2008, while recommending a 13 per cent growth for the country by 2013 if it must meet its Vision 20/20:20 goal.

sammyjay77

April 13th, 2008, 12:18 PM

Dubai World to invest $1.5bn in Nigeria

Investment group Dubai World plans to invest more than $1.5 billion (Dh5.51bn) in Nigeria over the next few years in a wide range of sectors including energy, real estate and ports, Chairman Sultan Ahmed bin Sulayem said.

Bin Sulayem and a number of other senior Dubai World officials are visiting west Africa to explore investment opportunities in the Sub-Saharan region.

In a meeting with Nigerian President Umaru Musa Yar’Adua, bin Sulayem expressed keen interest in the country’s vastly untapped natural resources, with special emphasis on minerals and mining as well as development of new cities, downtown hotels and resorts.

Investment opportunities in the expansion of a new port in Lagos, a fertiliser plant and the energy sector also came under discussion during the meeting, in addition to the masterplanning and development of specialised or business cities.

“Historically, Nigeria is a major trading partner of Dubai, and the purpose of our visit is not only to augment these ties, but to identify ways and opportunities to strengthen them further for the mutual benefit of both. We have already launched some highly potent ventures in some African countries and are looking for more,” said bin Sulayem (pictured above, centre right).

The Nigerian president expressed his desire to further cement economic relations with Dubai through partnerships and joint ventures in various fields.

Dubai World officials also met a number of Nigerian ministers and discussed plans for investments in ports and the possibility of setting up specialised logistics bases in the country.

Development Deals

Limitless, the global master development arm of Dubai World, will send a team of experts to Nigerian capital Abuja to evaluate opportunities and finalise various masterplanning and development deals.

Limitless CEO Saeed Ahmed Saeed discussed plans for the new main district of Abuja and various real estate developments with the president and ministers of Nigeria. Specialised business cities within the country were also discussed.

sammyjay77

April 13th, 2008, 12:25 PM

Nigerians Abroad Remit $3.3bn

Nigeria is among the top 20 remittances recipient countries in the world with $3.3 billion remitted last year, says a World Bank Report.
World Bank had estimated in its report titled "Migration and Remittances Factbook 2008” that Nigerians in Diaspora remitted $3.3 billion in 2007. Kenya was the second highest recipient of remittances in 2007 with $1.3 billion, up from the $1.1 billion in 2006.
Sudan followed with $1.2 billion, Senegal and Uganda with $0.9 billion each, South Africa $0.7 billion, Lesotho $0.4 billion, Mauritius $0.2 billion, Togo $0.2 billion and Mali $0.2 billion.
An earlier report by the International Monetary Fund (IMF) measuring the flow of workers' remittances in 2004 put Mexico on top of the list followed by the Philippines, Spain, Lebanon, China, Morocco, Pakistan, Bangladesh, Egypt, Colom-bia, Portugal, Guatemala, El Salvador, Brazil, Poland, Nigeria, Dominican Repu-blic, Jordan, Indonesia and Ecuador.
Diaspora remittances have become a key foreign exchange for African countries with more than $5 billion sent back annually.
In 2006, a conservative estimate had it that sub-Saharan Africa received about $7.7 billion in inward remittances, with Nigeria accounting for over $3 billion.
In spite of the huge amount of money returned home, analysts worry that the piece meal nature in which remittances are made in Africa has limited impact on the continent.
Remittances have been on the increase for more than three decades and has had significant impact in the economies of developing countries, says the report.
From about $6 billion in the early 1970s, remittances increased to $50 billion in the mid 1990s, $114 billion in 2003 and $135 billion in 2005, the data revealed.
The report however noted that for policy purposes, what matters most is not the absolute number of remittance flows, but their magnitude as a percentage of the recipient countries' GDP.
Nevertheless, workers' remittances may not have uniform macroeconomic effects from country to country over time, it notes. The report urged policymakers in developing countries to conduct a thorough analysis of the effect of remittances on their economies.
The World Bank has been exploring the possibility of setting up a Diaspora Remittances Investment Fund modeled along successful initiatives in Latin America. The remittances are expected to help fund Diaspora-led initiatives in several countries.
The Bank is also exploring several approaches for working with the African Diaspora in the design and implementation of the ongoing portfolio of World Bank-assisted projects.

oshon

April 13th, 2008, 06:33 PM

NIGERIAN researchers have developed several local options for mopping up crude oil spills. They have developed a mixed culture of compatible hydrocarbonoclastic and diazotrophic bacteria, each at a density of 108 organisms cm-3 for optimised bioremediation of crude oil-contaminated soil.

Researchers have also explored a combination of treatments, consisting of the application of fertilisers and oxygen exposure in situ during a period of six weeks.

They have also examined the two species of Pseudomonas, P. aeruginosa and P. fluorescence for their bioremediation potential on refinery effluent with respect to phenol biodegradation in a batch reactor.

The researchers have also examined the ability of Lentinus subnudus (indigenous white rot fungi) to mineralise soil contaminated with various concentrations of crude oil.

Researchers at the Department of Biochemistry, University of Nigeria, Nsukka, Enugu State found that beyond their role in biological nitrogen fixation, diazotrophs may be used to contribute to bioremediation of crude oil-contaminated land.

The study was titled "Enhanced bioremediation of crude oil-contaminated soil by a Pseudomonas species and mutually associated adapted Azotobacter vinelandii".

It was published in the Journal of Chemical Technology & Biotechnology. The researchers include Onwurah I.N. and Nwuke C.

The hydrocarbonoclastic bacterium, Pseudomonas species and the diazotroph, Azotobacter vinelandii, were both isolated from a previously crude oil-contaminated soil and thereafter modelled as a unit of mutualistic consortium in situ.

Stabilisation of the consortium and hence the optimised bioremediation process occurred when the bacterial growth attained a pseudo-steady state condition.

This was considered to be as a result of a symbiotic association between A vinelandii and the Pseudomonas sp in which A vinelandii produced the required concentration of fixed nitrogen compounds required for the growth of the Pseudomonas sp.

Enhancement in biodegradation, due to stimulated growth of Pseudomonas sp and co-metabolic activity of A vinelandii, was mathematically evaluated as the difference in the specific growth rates (?) between the consortium Pseudomonas sp/A vinelandii and Pseudomonas sp alone.

The proportion of petroleum hydrocarbons degraded by the consortium from the contaminated soil ranged between 66.83 and 69.6 per cent as compared with that of a pure culture of Pseudomonas sp (23.2-44.45 per cent).

M.J. Ayotamuno, R.B. Kogbara, S.O.T. Ogaji, and S.D. Probert of the Agricultural and Environmental Engineering Department, Rivers State University of Science and Technology, Port Harcourt, and School of Engineering, Cranfield University, MK43 OAL, United Kingdom studied the bioremediation of a crude-oil polluted agricultural-soil at Port Harcourt. The study was published in Applied Energy.

Conditions of a major spill were simulated by sprinkling crude-oil on experimental cells containing agricultural soil. The remedial treatments were then applied and the soil characteristics analysed after set periods. Soil physicochemical parameters, such as moisture content, pH value, electrical conductivity as well as organic-carbon and total-nitrogen contents, showed distinct variations with time.

The total heterotrophic-bacteria (THB) count in all the treatment cells increased with time. The control cell, O (which was not treated) indicated no signs of remediation within the study period. The hydrocarbon losses (50-95 per cent) experienced in the five other treatment-cells revealed the effectiveness in degrading the hydrocarbon contaminant.

The results of this study indicate that the application of increased concentrations of nutrients (by the application of fertilisers) lead to greater rates of biodegradation of petroleum-polluted agricultural soils.

Ojumu T. V, Bello O.O, Sonibare J.A and Solomon B.O of the Bioprocess Engineering Unit, University of Cape Town, Cape Town, South Africa have examined the two species of Pseudomonas, P.

oshon

April 13th, 2008, 06:39 PM

That's what i like to see. Africans solving their problems through innovation and ingenuity instead of rellying on the chiness, americans e.t.c to solve their problems for them.

oshon

April 13th, 2008, 06:51 PM

Written by Leon Usigbe
Sunday, 13 April 2008
Former President Olusegun Obasanjo has vowed not to respond to the avalanche of accusations being levelled against his administration, saying that he could not help but pity Nigeria.

Some of his close associates had visited him at his Ota residence last Monday and requested to know his position on all the alleged misdeeds his government has been accused of. But in response to the request, he was said to have tried to reassure the associates, telling them that they have nothing to worry about.

According to a source close to the meeting, Obasanjo pointed out that all former leaders of the country have been similarly disparaged and that the situation was therefore not peculiar to him.
He was said to have regretted the fate of former leaders who have been vilified as soon as they left
office but noted that he was pained that in spite of the personal sacrifices he made for the country,
starting with his exploits in the civil war, saying that he was being repaid unkindly.

According to our sources, Chief Obasanjo noted that he had always known that such was the attitude of Nigerians, adding that all the actions he took while in office were well-intended for peace and progress of the country.

The former President was however quoted as saying that nobody should pity him because he was not bothered about all the accusations and insults he was receiving from the Nigerian public, saying, “I sleep in my house with my two eyes closed.”

Apart from the on-going House of Representatives’ probe of the $16billion his administration allegedly wasted on the power sector, the former president has recently come under close public scrutiny following a divorce case involving his son, Gbenga and most recently, the involvement of his daughter, Sen, Iyabo Obasanjo-Bello, in the N300million scam rocking the Federal Ministry of Health.

sammyjay77

April 13th, 2008, 06:55 PM

He should pity his integrity Good riddance to bad rubbish

Matthias Offodile

April 13th, 2008, 07:22 PM

Nigeria, SA dominate capital flows to Africa -World Bank

Good:) but no suprise, Naija and SA have the best developped and biggest capital markets in Sub-Saharan Africa...it is as if you say France and Germany make up the biggest chunk of capital flows to Europe! Everybody knows that, everything else would be a suprise! Same for Nigeria and SA!

Matthias Offodile

April 13th, 2008, 07:25 PM

I pity Nigeria — OBJ

people are just ungrateful, again OBJ was and still still my "favourite"... as long as no other Donald Duke or Fashiola enters office!

Matthias Offodile

April 13th, 2008, 07:28 PM

IMF Forecasts 9% Growth for Nigeria

Good, let´s hope that it even gets better. Nigeria lost 20 years of development during the 80´s and 90´s...and OBJ initiated reforms are hopefully beginning to bear fruit now!

popa1980

April 13th, 2008, 07:33 PM

That's what i like to see. Africans solving their problems through innovation and ingenuity instead of rellying on the chiness, americans e.t.c to solve their problems for them.

Thats what I preach everyday on SSC. We dont Chinese, Portuguese, Indians etc to come and do everything for us.

pappy

April 13th, 2008, 09:17 PM

Sinoma International signs a general contract worth USD1.6 billion and the letter of intent worth USD1.177 billion with Nigeria Dangote Group

Sinoma International Engineering Co. Ltd. (Sinoma International) and Nigeria Dangote Group performed the signing ceremony for 7×6000TPD cement production line EPC project and 4×6000TPD &2×3000TPD cement production line project on 29th, Feb. 2008. The governors of Nigeria and representatives from Dangote Group and Sinoma participated in this ceremony.

After the signing ceremony, the president of Nigeria met the representatives of Sinoma together with the chairman and president of Dangote Group at Diaoyutai. The president expressed that the government of Nigeria would give the strong support to the cement engineering construction undertaken by Sinoma International in Nigeria and hoped that the projects could be completed successfully.

The contract signed in Diaoyutai is seven 6000tpd NSP cement production lines based on EPC with the total contract value of USD1.6 billion, of which six lines are built in Nigeria and one line is in Senegal. The whole technology and main equipments are provided by Sinoma International. Moreover, the letter of intent for four 6000tpd cement production lines and two 3000tpd production lines are also signed. These six lines are constructed in Congo, Equatorial Guinea, Ethiopia, Tanzania and Zambia etc. This project is also in EPC mode, and the total value of contract is USD1.1772 billion.

The owner of the project is Dangote Group from Nigeria which is one of the largest enterprises in Nigeria. Dangote possesses its own port, and is mainly engaged in the trade and production of flour, sugar and cement etc. At present, Dangote has four cement production lines, and the output of cement nearly accounts for two thirds of the total output in Nigeria. As the strong demand in African market and the favorable prospect presently, Dangote decides to invest new cement production lines. Through the inspects and negotiations in business and technology many times, Sinoma International is chosen to construct these production lines based on EPC finally.

Tbite

April 14th, 2008, 07:04 AM

Thats great news, the industry cannot continue to rely on cement bags imported, when we have two word class cement factories already, and now this production line to be built.

All these things add up and hurt the economy, but this is a step in the right direction.

pappy

April 14th, 2008, 07:20 AM

Nigeria: 3line Card Management Ready for Smart Card Brands

3line Card Management Limited, has introduced a smart card to provide total solution for implementing online and offline debit and epurse transactions.

Making this known at a press conference in Lagos, the Managing Director, Mr. Jide Olawasanmi, said that the company which was set up in 2005, was to design, build, operate and market world-class card management, electronic payments (epayment) and related infrastructure and services in Nigeria, Africa and globally.

"As a first move to realise this vision, the company intends to aggressively market a family of widely accepted payment card brands, one of which is Freedomcard", he said

These will license to her strategy partners, members and organisations", He added.

He explained that the company is positioned to provide its financial services to its customers with a sophisticated set of information and transaction processing services and establish and enforce rules and standards surrounding the use of its card and payment systems.

He stated "This product would offer integrated e-service, using multi-payment, multi-purpose (MP2)

Smartcards. It operational plan is very simple, we strengthen client relationships by, going wherever they are, optimising their footprint and helping them capture transactions, ultimately participating actively in the consummation of a significant percent of their transactions."

He also noted that the company is at the cutting edged of technology for e-services and the retail solutions provided at a wide range of services acceptable in a wide rage channels such as point of Sale (POS), Automated Teller Systems (ATMs), Web and Mobile.

3Line technology has the capacity for back end management of smart cards using a multi-application, multi-channel electronic and mobile payment platform.

Card Management System (CMS) is Euro, MasterCard and Visa (EMV2) Compliant working on the Visa Smart

Debit-Credit application system (VSDC), Java based technology with an end to end solution that allows financial and non financial institutions offer electronic revenue collection, payroll processing and Data capturing and provides various interfaces to other channels and is compatible with both offline and online payment, he stated.

The main strength of this technology lies on the 'hybrid' nature of seventy two smart cards which features both an integrated circuit or 'chips' and a magstripe portion giving it its dual functionality for both offline and online use.

The company's card covers a wide range of standard features such as Online and offline Payments at POS Terminal; Cash back Transactions pure Bank at POS Terminals; Electronic Fund Transfer and Person-to-Person Fund Transfer.

In online and offline payments at POS Terminal, it involves a direct life connectivity between the POS terminal and the card issuers database. The POS terminal connects immediately to the card issuers for vulgarization. While in the offline solution, where there is a connection between POS terminals and the card issuer. The transaction will be performed based on information that has been stored on the chip card account to enable authorization.

There is currently no card in Nigeria with dual online and offline capability. This will appeal to both cards issuers, due to bundling of capabilities and customers who do not have to carry two cards to have offlineonline services, he continued.

The cash back transactionsPure Bank at POS Terminals; the customers at a POS terminal conduction are allowed to obtain cash back when they undertake a purchase transaction. The system may include pure cash back transaction which does not necessarily involve a purchasing transaction. So, customers are offered the convenience of spending cash as well as access to more disposable cash at any given time. This would increase the number of card dispensing terminals available in the country and card carried do not have to go to ATM only to withdraw money.

The Electronic Fund Transfer system would accept transaction from a diverse range of a delivery channels, intelligently switching them to a variety of external networks. While local electronic money transfer options are currently available in the market place, though not prevalent, international money transfer through the freedom card platform (in conjunction with an international switching platform) will increase transfer channels while appealing to Diaspora remittances and international trade.

And for Person to Person Fund transfer, the 3line card holder enables transfer funds from one card to another 3line holder at any given time. This is done at the ATM machine that is compatible with its technology or mobile phones and would aid transaction settlements especially for low value transactions by reducing cash leakages due to lack of faith in the use and acceptable of small notes and coins.

The 3line products ranges from e-banking, e-government, e-data, e-health and loyalty programs.

On the e-banking, 3line provides services that cover low value transaction in e-businesses services under the Freedom Card brand name. This offers multi-bankmulti-currency, multi-merchant, multi-purpose functionalities. With the multi-bank services, customers with multiple accounts are able to access their different accounts with a single card. It also available for use when paying for goods in foreign currencies like in the Euro, pounds and dollar) and acceptable at a wide variety of merchant outlets for various uses.

In e-government it remains a dominant force in all facets of every day living in Nigeria and has shown considerable interest in deploying electronic means to capture revenue and data directly. These solutions are futuristic and will pre-empt the government's effort to achieve its objectives to minimize waste and improve the efficiency of its work force.

Matthias Offodile

April 14th, 2008, 07:33 PM

Private Investment in Telecoms Hits $11.5bn

From Patrick Ugeh in Abuja, 04.14.2008

The Nigerian Communications Commission (NCC) has revealed that $11.5 billion investment has gone into the telecommunications sector.
The amount, according to the NCC, culminated in the provision of 42,483,091 active GSM lines as at February, up from 40,011,296 in December 2007.
The Executive Vice-Chairman of NCC, Mr. Ernest Ndukwe, disclosed this during a visit by the Secretary-General of the International Telecom-munications Union (ITU), Dr. Hamadoun Toure, at the weekend.
Ndukwe said there were 1.43 million active fixed wireless lines, down from 1.579 million in December 2007.
He also said active digital mobile lines (CDMA) were now 424,325, up from 384,315, adding that licensed fixed line operators were 26 while, ISPs remain 117 as they were two months previously.
“The last few years have seen a notable increase in private sector involvement in the Nigerian telecommunications industry with substantial private sector investment of over $11.5 billion from only $50 million before 2001," Ndukwe said.
Besides an increase in the number of market players (five GSM mobile operators, and four CDMA mobile operators,), he said employment creation had been enhanced with one million indirect jobs coming into being.
“It is hoped that with a positive operating environment, all parts of Nigeria will have access to ICT,” he said.
He listed the challenges as weak wire line and optic fibre transmission, infrastructure base, unusually huge demand for services after market liberalisation due to inefficiencies of the past, and unreliable electric power supply
“On the other hand, ensuring effective competition, monitoring and compliance, (e.g. quality of service), consumer education and managing consumer expectation are the current challenges,” he stated.
Among NCC’s current initiatives, Ndukwe said, were Wire Nigeria (WiN) programme, State Accelerated Broadband Initiative (SABI), Quality of Service (QoS), and testing equipment to be installed soon.
The NCC boss said the Digital Bridge Institute established in 2004 to address the manpower needs of the fast expanding ICT sector recently took over the NITEL Training Institution in Kano and Lagos, adding that it was currently undergoing re-structuring while there were plans to train over 1,000 ICT professionals annually.
The ITU scribe, Toure, said reorganisation was already going on to ensure a more equitable representation at the union’s secretariat.
He said ITU would address the complaint that there was only one Nigeria in the senior cadre in the organisation.

oshon

April 14th, 2008, 11:56 PM

Date - 2008-04-14
Ghanaian invents power - Generating equipment

Accra (GH) – 14 April 2008 - A Ghanaian, Mr Freddie Green, has invented a
power-generating equipment that produces electricity using compressed
air.

Mr Green, a member of the British Institute of Patentees and Inventors,
told the Daily Graphic that his new invention would not only provide
energy for all domestic appliances but also provide "a clean,
uninterrupted and cheap power source for hospitals and schools, especially
in developing economies where supplies are sometimes non-existent or
regularly interrupted by grid output deficiencies and cost factors".

"I have not released it to anybody or company. I want the government’s
collaboration so that together we can show to the world that Ghana has
taken the first step in addressing or reducing greenhouse gases in the
atmosphere.

It will also help address our energy crisis if more effort is put into it.
It can be licensed in other countries and earn foreign exchange for us," he
stated.

The inventor, a former Aircraft Engineer with the Ghana Air Force, has
made other notable inventions and was nominated for the Black Inventors
Award in 1988 and the Toshiba Year of Invention Award in 1989.

He explained that his device could generate energy at a cheaper cost to
meet domestic energy requirements such as energy source for cooking and
lighting and powering air conditioners and computers..

He said his system was also capable of powering cars, boats and light
aircraft, thereby eliminating the use of burning fuel.

"With the conventional electric cars, batteries must be recharged at
approximately 25 to 30 miles while this system does not need any battery
recharging," he explained.

According to Mr Green, his invention unlike wind power did not require the
mounting of series of high poles with propellers on a vast land to generate
power, adding that the compressed air energy was environmentally friendly
and would help address the issue of the emission of greenhouse gases in
the atmosphere.

He said although he invented the compressed air energy generating system
in 1994, he had been working on it since and finally produced the
prototype in November, last year.

According to him, despite the fact that attempts to solicit support from
the government in 2001 were unsuccessful, he was still ready to
collaborate with the government to develop the product in order to help
address the country’s energy needs.

He said when the NPP government assumed office in 2001, he wrote
soliciting support from the government for the project.

"The government wrote back to me that they had sent a power point
presentation of my work to the Energy Ministry for them to study it. Six
weeks later I received the same letter."

Mr Green presently has two companies, Green Inventions and Green
Innovations, for the invention and marketing of his products. One of his
inventions, Plug Rack, is presently commercially produced and sold in
South Africa under licence.

He said there had been discussions with South Akim Manufacturing Company
and the Cape Coast Technical Institute to produce some of his inventions
locally on commercial basis.

"Presently, the plug rack I invented is being produced commercially in
Cape Town, South Africa, but I am closing down that operation to set up in
Ghana," he stated.

Mr Green called on the government to provide the necessary support to
enable inventors like him to come out with products that would help
improve the lives of the people.

The country agent of Green Innovations and Green Inventions, Mr George
Otoo, extolled the potential of the products and called on the government
to devote more resources to develop such initiative and inventions.

oshon

April 15th, 2008, 12:04 AM

The Ajegunle.org project is community-based capacity building project targeting the youths of Ajegunle slum in Lagos. The aims to train some 25 youths eac other month, who “will be equipped with ICT and entrepreneurship skills which they will then pass on to other youth, along with starting their own business.”

“On Thursday, March 27, 2008, A new set of twenty-five young people graduated from the Ajegunle.org project”, as Gbenga Sesan, one of the brains behind the project discloses via his blog, Oro:

Building on the success of the first set of graduates, who have successful trained one hundred and six (106) peers in basic ICT knowledge, the training modules (as well as training process) were modified to accommodate an additional week of ICT training as well as more support towards the development of a realistic business plan. Three of the project’s graduates have successfully interned with the United Kingdom Trade and Investment Unit (UKTI) of the British Deputy High Commission, Lagos, where they were exposed to work ethics, international trade, networking opportunities as well as an opportunity to apply the skills they acquired during the Ajegunle.org capacity building program. Two of them have jointly started a Forex Academy in Ajegunle, after receiving a free Forex training at Hands on Institute of Information Technology (HiiT) Lagos.

Tbite

April 15th, 2008, 11:02 AM

BPE, BHS, ministry seal deal on Lagos TBS complex

BARRING any other hitches, the long-awaited handing over of Tafawa Balewa Square (TBS) complex to the new owner, BHS International, may come up next week.

Indications to that effect were confirmed a week ago by the project manager of the firm, Oscar Ehirim.

The Bureau of Public Enterprises (BPE), the government agency, which 'midwifed' the deal, has already conveyed its approval to parties involved, approving a 'practical handover' to the new owner.

Writing on January 21, 2008 to the minister of commerce and industry and the managing director of BHS International, the Director General of BPE, Mrs. Irene N. Chigbue noted, "since there is no material adverse effect between the execution of date (the expected date of handover, which was February 2008), and the effective date, ... we suggest that a mutually agreed date to be fixed between BPE and the Ministry of Commerce and Industry for practical handover of the complex."

Although, the handover ceremony had been scheduled to have been performed earlier, the event was delayed by some unresolved issues and government's directives concerning the adherence with due process.

Among issues that had slowed the transfer, are the requirements for a N100 million Performance Bond as a standard agreement adopted by the ministry for all its concessions and the constitution of Board in line with the Act that set up the TBS, which requires a management board to oversee the concession of the "TBS Investment Limited" and reflect the new owner.

It was also agreed upon that there must be a provision of adequate office space for the management board.

Managing Director of BHS, Mr. Fred Archibong, said that the four hectares complex would house a 10-storey building incorporating a club house, cinema and 200 luxury apartments of various house types.

There would also be a conference hall and shopping mall as provided in the first phase of the project, while the second phase will house the luxury apartments and "creativity hall."

An 18 months target date is planned for the first phase, while the second phase will commence immediately after completion of the first phase.

Financing facilities, according to Archibong, would be provided by ASO Savings and Loans - an Abuja based financial institution - Unity and First Banks.

Other partners are JHI South Africa and Multicompsin Nigeria.

Tbite

April 15th, 2008, 11:03 AM

Why FCTA, Churchgate are proposing Abuja shopping mall

A FRESH vision for development of befitting business and tourism activities in the Federal Capital Territory (FCT) informed the FCT Administration's recently unveiled partnership plans with the Churchgate Group of companies towards the construction of a shopping mall in the FCT, officials have said.

According to the FCT Minister, Dr. Aliyu Modibbo Umar, "Abuja, the Federal Capital Territory has comparative advantage for having prime location as the capital of the most populous country in Africa, therefore any investment in this regard will surely get investment recouped immediately."

Speaking last week while receiving management staff of the Churchgate Group of companies led by its Chairman, Mr. Bhagwan Mahtani, the minister stated that the project, along with the proposed multi-billion naira Abuja Boulevard project were part of the FCT Administration's innovations in making Abuja a world tourist centre and a conference delight.

While calling on the private sector, especially foreign investors, to take advantage of the conducive business climate in the territory to invest in the city, the minister noted that the FCT was blessed with enormous investment opportunities waiting to be exploited by genuine investors who are interested in doing business in the country.

The 50-storey, multi-billion naira shopping mall with twin towers will be located on Constitution Avenue, beside the proposed Abuja Transportation Centre in the Central Business District of the FCT.

Modibbo assured the visiting Churchgate officials of the FCT administration's continued support and co-operation, adding that, "projects like this would go a long way in providing employment opportunities for the ever increasing number of people that come in the Federal Capital Territory on daily basis."

Earlier, the Churchgate chairman told the FCT officials of his company's readiness to build the proposed imposing structures that would capture contemporary culture, as has been done in a similar project built in Beirut, the Lebanese capital, by the company.

He disclosed that the proposed shopping mall, when completed, would have shopping, entertainment, recreation, auditorium and cultural centres that would give Abuja an edge over other capital cities around the world.

Matthias Offodile

April 15th, 2008, 07:16 PM

sammyjay77

April 15th, 2008, 08:37 PM

BPE, BHS, ministry seal deal on Lagos TBS complex

I am quite happy with this development. TBS is a place I will never forget in my life. We use to go there at least once in a week when I was in school

Klausenburg

April 16th, 2008, 02:09 AM

Nigeria: Romanian company to Establish Refineries in Delta, Lagos

A Romanian company is set to establish refineries in both Delta and Lagos states.
The company, BSM International petroleum (http://bsmrefinery.com/?p=home) refinery and petrochemicals Limited, has said it will recover oil, diesel, petrol and kerosene when it commences operations with an expected initial daily turn out of over 17 barrels per day.
The quantity is to rise to 200 barrels per day with operations further extended to other states of the Federation and already, 250 hectares of land has been given for the situation of the site.
The president and chairman, board of directors of the company, Lateef Lai Ogungbadero, made this known when a delegation of the company paid a working visit to the Nigerian Investment Promotion Commission (NIPC) in Abuja.
He disclosed that the company, whose headquarters is located in Romanian, is expected to employ about 10,000 Nigerians, some of who will undergo training in Romania and also have Romanian partners.
According to him, the company will also establish transportable stations aimed at taking care of the industrial and other areas which will be done in collaboration with the Nigerian National Petroleum Corporation (NNPC).
Already, it has appointed some local group freight forwarders to handle equipments coming into the country for the commencement of the project which is expected to take off towards the end of this month.
The president, who did not state the amount of money that will be used for the establishment of the company, revealed further that it has entered into discussions with some ECOWAS countries in a bid to extend the project to those countries.
Ogungbadero thus enjoined the Federal Government and state governments involved to provide adequate security for both staff and equipments in order to enhance smooth operations. Similarly, the executive secretary of NIPC, Engr. Mustafa Bello, who was represented by Dr. Ghaji Bello, director, investor relations of the NIPC commended the company and its idea of extending operations to other states.
He said the reasons for the commencement of operations in Lagos and Delta is born out of the fact that Lagos State consumes the highest quantity of fuel in Nigeria and Delta is one of the oil producing states with abundant raw materials.
Bello, who noted that the refineries in Nigeria are moribund, said the country needs projects to solve its problems especially in relation to oil.

Source: http://allafrica.com

Tbite

April 16th, 2008, 10:34 AM

Tbite, again how can this mall have 50 stories? What kind of shopping mall is it? or are the 50 stories refering to the twin towers? It is misunderstanding if you read the text carefully,

Anyway, I am REALLY looking forward to it! Nigeria needs more and more state-of-the art shopping facilities in order to catch up with the rest of the world QUICKLY...normally these kind of development should be taken for granted in Naija since the discovery of vast oil resserves...if everything had gone according to plan!:cheers:

Seems to be just a mixed used, development with some space dedicated to retail. It probably has a 4 or 5 star hotel in the top floors, some area dedicated to some commerce etc.

Matthias Offodile

April 16th, 2008, 11:41 AM

Petrobras Exec: Output Start At Nigeria Agbami Field In June
by Bernd Radowitz Dow Jones Newswires Tuesday, April 15, 2008

RIO DE JANEIRO, April 15, 2008 (Dow Jones Newswires)

Brazil's state-run oil company Petroleo Brasileiro SA, or Petrobras, and Chevron Corp. could start production at Nigeria's Agbami light-oil field as early as June, Petrobras International Director Jorge Zelada said Tuesday.

Zelada was speaking at a breakfast with journalists at Petrobras headquarters in Rio de Janeiro.

Ali Moshiri, Chevron's president for Latin America and Africa Exploration and Production, had said in late February he expected output at Agbami to commence in the third quarter.

Chevron is the lead operator at Agbami, while Petrobras has a 20% stake in it.

Petrobras expects its share of output in the field to average 30,000 barrels a day this year, Zelada said. Agbami's full output capacity is 250,000 barrels a day, he added.

Zelada also said he expects output at Nigeria's Akpo field to start by the end of the year. Petrobras has a 13% stake in that field. France's Total SA is the lead operator.

PS: These field are offshore and far away from the lousy bunch of bandits!

pappy

April 16th, 2008, 12:06 PM

Union Bank, China raise N117bn for Lagos

Union Bank Nigeria Plc and a Chinese Group have concluded arrangements to raise $1 billion, equivalent of N117billion, for infrastructural development in Lagos State.

This was disclosed in Lagos by the Union Bank’s Executive Director, Corporate and International Banking, Mr Austen Obigwe, who also indicated that he was on his way to China for the finishing touch to the agreement.

Obigwe, who was one of the discussants at an interactive session with stakeholders and the media on financing infrastructure in Nigeria, put together by the Bureau for Public Enterprises (BPE) and the Union Bank plc, told journalists, “we are doing that because we have confidence in Lagos State.”

The bank executive affirmed, “Lagos State has a history of continuity, of obeying and respecting whatever contractual obligations the preceding government has gone into. We see Lagos as being highly credit worthy.”

The bank executive said that the National Assembly should enact a law to ensure the irreversibility of contracts once entered into.

According to him, “what the government needs to do now is to have an Act, a law that would stipulate that any contract that has been entered into should be allowed to go full term. If there are errors in them, people should learn from such errors. You don’t say because there is an error, if I put in 100million dollars in a transaction and because you have cause to believe that the contractor did not do one or two things, then you cancel it.”

Explaining why most banks do not support some states, especially a year to election time, the bank executive said that it was “because we are afraid that if the sitting governor does not come back, the new governor will start changing the rules again.”

Much as the Obigwe was in support of government’s policy on privatization, he said that it should not be a wholesale thing.

Said he: “What I am saying is that the government should not say we are privatising roads and expect people to pay when you don’t have an alternative for them to use.”

Obigwe also said that in financing infrastructure that would attract toll in a Public/Private Partnership arrangement, the government must give the public an alternative that would not attract toll.

kulani

April 16th, 2008, 04:34 PM

Tbite, again how can this mall have 50 stories? What kind of shopping mall is it? or are the 50 stories refering to the twin towers? It is misunderstanding if you read the text carefully,

Anyway, I am REALLY looking forward to it! Nigeria needs more and more state-of-the art shopping facilities in order to catch up with the rest of the world QUICKLY...normally these kind of development should be taken for granted in Naija since the discovery of vast oil resserves...if everything had gone according to plan!:cheers:

Sounds like a shopping mall with the twin 50 storey towers being constructed on top of it. Should be a good development for Abuja. Any idea as to the cost of this project or is it shrouded in secrecy as is often the case with projects like these in Africa? :cheers:

Matthias Offodile

April 17th, 2008, 12:44 PM

Sounds like a shopping mall with the twin 50 storey towers being constructed on top of it. Should be a good development for Abuja. Any idea as to the cost of this project or is it shrouded in secrecy as is often the case with projects like these in Africa?:cheers:

No, most likely it is shrouded in secrecy like all of these projects in Africa!

sammyjay77

April 17th, 2008, 01:53 PM

Gazprom eyes Sahara pipeline venture - CEO

Russian gas monopoly Gazprom is holding preliminary talks with Nigeria about participating in a multibillion dollar project to pipe Nigerian gas to Europe across the Sahara, the company's head said on Wednesday.

Gazprom Chief Executive Alexei Miller, speaking to reporters on a visit to Libya with Russian President Vladimir Putin, said the Russian company's expertise in big projects potentially made the ambitious venture a natural fit.

"We have an interest in this project," he said. "Gazprom, by its technical capability, is the No. 1 company in the world. Such big projects naturally interest us."

"We are holding preliminary consultations with our Nigerian partners."

Gazprom is the world's largest gas company and Russia holds the world's biggest gas reserves.

The Saharan project, with capital costs estimated at $10 billion for the pipeline and $3 billion for the gathering centres, would send up to 30 billion cubic metres a year of gas to Europe via a 4,128 km (2,580 mile) pipeline from Nigeria, via Niger and Algeria, starting in 2015.

European Union (EU) Energy Commissioner Andris Piebalgs has welcomed the venture as being in the interests of European energy security and the environment and of Africa's development.

Piebalgs has also said the EU might help finance it.

The project is looking for support from European governments and gas consumers, which are concerned about falling domestic supplies and increasing reliance on gas piped in from Russia.

The gas would cross the Mediterranean via a growing network of pipelines that now takes Algeria's gas to increasingly gas-dependent customers on the northern shores of the waterway.

sammyjay77

April 17th, 2008, 01:57 PM

JP Morgan’s return to Nigeria slowed by accommodation problem

A major move by JP Morgan Chase, a significant player in the world’s financial market, to establish official presence in Lagos is slowed down by the inability to find a suitable property in the city to accommodate a proposed team of staff.

The bank has been doing business in Nigeria for more than 25 years and once operated wholesale banking business in the country as Chase Merchant Bank.
The bank’s Africa office is currently based in London. A Nigerian, Yvonne Ike, is leading a dedicated team handling Nigerian transactions.
Lagos, Nigeria’s commercial capital with a population the state government put at about 17 million, is seen as potentially a financial hub for the African continent in future, and international financial institutions are keen to position themselves to take advantage.
Business Day has learnt that JP Morgan is planning to establish a 40-man strong office in Lagos to enable it have a significant foothold in Nigeria, where it now sees substantial opportunities, which it intends to get its teeth into.
Such planned strong presence would represent a significant approval for the Nigerian economy and a desire by the bank to seize opportunities in the Nigerian market. It would come as no surprise to many.
Nigeria, with huge external reserves put at around $60 billion, and with the Central Bank of Nigeria (CBN) adopting a policy to farm out management of these reserves to local and international financial institutions, banks such as JP Morgan, CommerzBank will see establising local presence as crucial to being taken seriously by both the authorities and its other clients.
JP Morgan already has key banking relationships with some of the country’s major financial institutions, including Zenith International Bank, with which it is managing $1 billion in reserves.
It has been involved in a number of high-profile, Nigerian deals in the last 18 months. In January 2007 it acted as exclusive financial advisors to Wilbros on the $155million sale of the company's business in Nigeria. It then served as the international financial advisor to Dangote Industries Ltd on the Initial Public Offering (IPO) of Dangote's sugar refining business.
Last April, JP Morgan, alongside Renaissance Capital, acted as placement agent for United Bank for Africa in the very first international equity offering by a Nigerian issuer, raising $300 million. It then acted in July with Morgan Stanley as joint book runner and joint global co-ordinator for Guarantee Trust Bank's (GTBank) $750 million international capital-raising exercise on the London Stock Exchange.
It was also involved in Access Bank's $300 million international equity offering.
Late last year, the CommerzBank, the German financial power house, also took the bold step to set up an office in Lagos. Its officials say the move was to maximise the bank’s potentials in the Nigerian market.
Citibank remains the oldest international big player operating full-fledged banking business in the country. There are also Standard Chartered Bank, which prides itself as the emerging market bank, and Standard Bank of South Africa, whose presence is represented in the recently fused Stanbic IBTC Bank.
A source says JP Morgan has had on its drawing board a strong desire to establish physical presence in Nigeria with an office in Lagos for two years. It has lately become keener to see this become a reality.
It has had its agents and officials scour for the right property and right space in or around the Lagos Central Business District, Victoria Island and Ikoyi, but it has been unsuccessful for a number of reasons.
Business Day source said: “With JP Morgan you will always expect that there would be some major considerations for its offices wherever they decide to locate one. Not only will they be looking at the ambience of the building and location, but also the exclusivity it offers.”
But there is another side to the issue. Accommodation space for offices are increasingly becoming scarce and expensive in Lagos, particularly in choice areas on Lagos Island, Victoria Island and Ikoyi, where there are a semblance of established financial districts.
In these areas, accommodation spaces are now priced in foreign currencies with some going for as high as $750 per square metre.
These high costs tend to make access difficult for many organisations. But experts say pricing is the direct result of the fact that accommodation is scarce in these business districts where most organisations want to locate their offices.
With JP Morgan keen to have a presence in the state, the Lagos State Government may well see an opportunity in this as is done in other parts of the world, where siting an organisation like JP Morgan could lead others to move in as well.

popa1980

April 17th, 2008, 03:40 PM

This gas project to Europe is long overdue. Its surely got to be a prime terrorist target though.

pappy

April 17th, 2008, 04:12 PM

Security distress number, ‘767,’ unveiled

The Governor of Lagos State, Mr. Babatunde Fashola, on Tuesday unveiled a dedicated ‘767’ emergency line for quick communication with the men of the Rapid Response Squad during accidents and other crisis periods.

Unveiling the 767 security line in Lagos, Fashola explained that private sectors, including banks and some telecom-munication industries, had contributed N700m towards the state security trust fund; while the state, through the provision of bullet proof vests, walkie-talkies and other gadgets, had added another N300m to it.

He said, “These contributions have had a significant impact, strengthening Police response to security demands.”

He also said that his administration had provided the state Police Command with 250 vehicles in the last six months.

“This is in addition to the provision of support to critical partners who constitute the state security committee in ensuring the security of the state.”

The governor said, “For now, it is the most organised way we can guarantee an acceptable level of security; working as a team in the manner of those early prosecutors of modern society.”

The distress call system which, according to the Assistant Inspector General of Police, Zone 2, Mr. Muhammed Abubakar, had made the state to become a benchmark for other states, including the Federal Capital Territory, Abuja.

This, he said, would in no time rid the state of all shades of crime.

Speaking earlier, the AIG Zone 2, through the Deputy Commissioner of Police in the state, Marvel Akpoibo, noted that the era of late arrival of Police to the scene of incidence was gone, adding that all that the Force required was timely information about the crimes and addresses where they were being perpetrated.

He said, “It is always disheartening for the Police to arrive the scene of accidents or violence a bit late; but with the launch of this mechanism today, such barrier has been removed.”

According to him, “the gesture was complimentary to other facilities already in place for the Police.”

Also speaking, the Managing Director of Contact Solutions, the company that sponsored the development, Mr. Adeoye, explained that all subscribers of Celtel, MTN, Starcomms and Glo in distress would only have to dial 767 to be linked with trained professionals that would collect needed information that would enable them to contact the RRS for rescue operations.

pappy

April 17th, 2008, 04:15 PM

Lagos to issue own driver's licence

THE Lagos State government yesterday announced plans to re-certify all drivers within the metropolis.

Under the arrangement, the government advised motorists with driver's licence produced by the Federal Road Safety Commission (FRSC) to come forward with the document for re-certification.

The State Commissioner for Transportation, Prof. Bamidele Badejo, told journalists in Lagos that the problem of fake licences would also be eliminated following the state government's decision.

Badejo, who spoke at a media briefing to mark the one year anniversary of the administration of Governor Babatunde Fashola said the state government, through its drivers' institute, issues licences to people who are physically fit, mentally alert and emotionally stable.

Speaking with The Guardian recently, the Permanent Secretary, Lagos State Motor Vehicle Administration Agency (LSMVAA), Mr. Akin Hanson, said the state would start the production and issuance of driver's licence to ensure safe motoring.

"There has been scarcity of driver's licence for over three months because the Federal Road Safety Corps (FRSC) has not been able to meet the demand," he said.

The driver's licence project, which was earlier scheduled to begin in April, according to him, would "include a data bank such that any motorist that commits an offence would be easily identified and traced."

The permanent secretary said faking of driver's licence and touting would no longer be possible. "We have re-designed and computerised everything in such a way that people would be able to get their licences within five minutes. And if there happens to be any fake ones, we will be able to detect it through the data bank," he said.

According to the state government, "the agency has designated centres in Lagos Island, Ojodu, Bariga, Ikorodu, Ikeja, Apapa, Agege and Badagry/Ojo for easy issuance, renewal and distribution of the licences."

Badejo said the state government has evidence that driver's licences were being issued to unqualified people, including the physically challenged by the FRSC.

The FRSC recently blamed the delay in issuing driver's licence to efforts to redesign the document to ensure safety, security and uniformity.

Former Assistant Corps Marshal, Zonal Commanding Officer, Zone Two, Lagos, Mr. Adei Abu, told The Guardian that the FRSC was working out plans to improve on the quality of the old licence.

He said this became necessary, as it is also a security document being used for other things such as banking and identification.

Abu said: "Why motorists are saying it is scarce is because we are redesigning it to ensure there is security. There will be devises to detect the fake ones. We want to see what we can add or remove to improve on the quality. We realise that it is not only used for motoring but for other purposes. It is used for banking and easy identification.

"In the meantime and until we conclude the redesigning in the later part of the year, those who want it can start processing it and obtain the receipt.

"The receipt serves the purpose until they can collect their driver's licences. We are going to do it in such a way that people will get it within the shortest possible time and not to employ touts to do it for them."

pappy

April 17th, 2008, 04:20 PM

FG to build refineries in Lagos, Eket

The Federal Government is working with some investors to build two refineries, which will be located in Lagos and Eket, Cross Rivers State, the Group Managing Director, Nigerian National Petroleum Corporation, Alhaji Abubakar Yar’Adua , said on Tuesday in Abuja.

File Group Managing Director, NNPC, Alhaji Abubakar Yar’Adua

In remarks during a ministerial press briefing by the ministers of State in-charge of Petroleum and Gas, Yar’Adua said the Federal Government had given him the approval to find and discuss with partners on the prospect of building refineries in Lagos and Eket.

According to him, “We have gone far in discussions with these investors, and in the next two months, we will sign the Memorandum of Understanding and maybe the project will start. The one in Eket will use the Mobil facilities there.”

He said that the corporation was still discussing with international oil companies operating in Nigeria and regretted the claim that the margin of refining was not sustainable enough to make them invest in refineries.

He said, “But for us, it is a must do. God has given us this hydro carbon and the best thing for any economy is to add value to what you have so that you can export. The IOCs want us to take the crude oil and export and then, they will import the finished products and sell back to us.

“Nigeria is blessed with hydro carbon deposits and it is a shame for us to be importing refined products. Nigeria should be the hub for Central and West Africa for refined petroleum products.”

The GMD indicated that the 18 firms, which got licences to build private refineries in 2006, used them as a launch pad to demand for contracts for crude oil export.

He said, “They were not committed to building refineries. Some of them said they were bringing a refinery from the West Coast that will refine 20 or 10,000 barrels per day, and then they applied for 100,000 barrels of crude oil for export. That is cheating on Nigeria, so we refused that. Only two companies are serious, one at Bonny in Rivers State and one in Anambra State .”

Yar’Adua stressed that the Federal Government had made concerted efforts to build the energy base of the economy.

He said, “There is a special gas pipeline that is being built by the Koreans. The pipeline will run from Kaduna to Abuja and extend to Kano and at the same time, build a power plant for those areas.”

kulani

April 17th, 2008, 08:28 PM

Accommodation space for offices are increasingly becoming scarce and expensive in Lagos, particularly in choice areas on Lagos Island, Victoria Island and Ikoyi, where there are a semblance of established financial districts.In these areas, accommodation spaces are now priced in foreign currencies with some going for as high as $750 per square metre.

I hope that is a typo, because $750 per square meter to rent an office or even a flat would be unheard of anywhere else. That would make a tiny 5 meter x 5 meter (25 sqm) office cost $18,750 per month.

Normally office rentals cost in the region of $25 - $28 per square meter in Accra Ghana and around $19 per square meter in Sandton, Johannesburg.

sammyjay77

April 17th, 2008, 09:25 PM

LG Set to Launch TV With Nigerian Languages

LG Electronics, a major player in global flat-panel display market has concluded plans to introduce the first television with its menu functions in the three major Nigerian languages into the country.

Speaking at an interactive session with newsmen in Lagos, Mr. Mohammed Fouani, Managing Director, Fouani Nigeria Limited (LG's major distributor) said the product is an attempt to create a model that would meet the Nigerian consumer requirements.

" This has just underscored the importance of Nigeria to LG Electronics and the digital display industry as a whole; it is one of the fastest growing markets in the world and Nigeria is also home to several multinational businesses. We are very proud to be part

of their growth. Even as we celebrate the opening of our new factory here in Nigeria, we are continually looking at the marlket here and how it is developing. We are searching for more ways in which we can aid ICT development in this vast and unique country", he said.

He said both LG Nigeria and his company have been working assiduously with LG Korea towards the realisation of the nine-month-old TV project, which displays data and other information in Hausa, Igbo and Yoruba languages including other navigating functions.

Some of the exciting characteristics of the TV, whichcomes in two model- the 21 FUI and the 29 FUI is theability to display two different channels at the same time.

The box also comes in a very special colour design with an inscription, "LG Loves Nigeria". The physical appearance according to him portrays a royal, glossy black TV.

"We are very glad and proud to launch our new model of Nigerian TV very soon in the market. We are full of hope that this product will face huge acceptance from the consumer and hopefully, our efforts to meet the Nigerian consumer needs would payoff. People will always feel better if they have the menu in their native language", he added.

" The LG Nigerian Television is LG Electronics' way of showing appreciation to Nigeria and the Nigerian people as a whole LG has always recognised Nigeria as an important nation, not only in Africa but throughout the world, which is why our people in the research and development team are continually looking for new and innovative ways to show that LG is a truly caring brand tha has the interest of the Nigerian people at heart by creating products that have functions of convinience with Nigerian values", said Mr. Tae Joon Park, Managing Director, Digital Display Unit, LG in a speech read by Mr. Rajesh Agnihotri, Marketing & Operations Manager.

sammyjay77

April 17th, 2008, 09:28 PM

Westinghouse Says Nigeria, Egypt Interested in Nuclear Program

April 17 (Bloomberg) -- Westinghouse Electric Co., the nuclear-reactor builder controlled by Toshiba Corp., said Nigeria, Morocco and Egypt have expressed interest over what it would take to develop a nuclear program.

Westinghouse Regional Vice President for South Africa Rita Bowser commented today in a speech in Johannesburg.

South Africa's state-owned electricity utility Eskom Holding Ltd. has short-listed Westinghouse and Areva SA to build the country's second nuclear plant as it seeks to ease a national power shortage. A contractor for the 3,250-megawatt plant will be chosen in June, the Nuclear Industry Association of South Africa said on April 15.

Michaelda

April 17th, 2008, 09:35 PM

LG Set to Launch TV With Nigerian Languages

nigeria has more than 3 major languages. this wazobia nation thing isnt inclusive enough

sammyjay77

April 17th, 2008, 09:37 PM

Nigeria to Inaugurate Digital Migration Board

The Nigerian federal government plans to inaugurate a digital migration board, according to Minister of Information and Communication Alhaji Ibrahim Dasuki Nakande.

The board will be chartered to ensure that Nigeria achieves the U.N. Millennium Development Goals (MDGs) for technology.

Nakande said that the MDGs for the ICT (Information Communications Technology) sector are especially important since technology cuts across all sectors of the economy. Specifically, the board is expected to assist the switch from analog to digital television.

Nigeria, along with other African countries, have agreed to peg the MDG deadline at 2012 instead of 2015, as defined by the U.N.

Nakande said that the government hopes to continue to encourage deployment of broadband.

"We would continue to look at existing policies and make those policies better," he said.

Nakande made the announcement earlier this week in front of industry officials and telecom market observers attending the launch of a book on Ernest Ndukwe, the executive vice chairman of the Nigerian Communications Commission (NCC), the country's telecom regulator. The book, "Ndukwe & Telecom Regulation: A Walk In Tandem," was written by Aaron Ukodie, an editor for the Daily Independent.

Nakande said the book is about a legend in his own time and the efforts he has made for humanity, adding that Ndukwe's tenure brought stability into the nation's telecommunications sector.

Speaking on behalf of book reviewer Matthew Hassan Kukah, Mike Magaji noted that the transparent auction of digital mobile licenses helped fire a boom in telecommunications in the country. He advised that the book be made available in compact disc and electronic book formats so people outside Nigeria could easily access the work.

pappy

April 17th, 2008, 09:47 PM

nigeria has more than 3 major languages. this wazobia nation thing isnt inclusive enough

Since when? Last time I checked Nigeria had english as the official languages and three major ones being Hausa, Yoruba, and Igbo.

Kobayashi

April 17th, 2008, 11:45 PM

allhavoc

April 17th, 2008, 11:53 PM

Independent Forecasts and Competitive Intelligence on Nigeria's Commercial Banking Industry

(http://www.researchandmarkets.com/reports/c89073) has announced the addition of Nigeria Commercial Banking Report Q1 2008 to their offering.

The Nigeria Commercial Banking Report provides independent forecasts and competitive intelligence on Nigeria's commercial banking industry.

From Q108 we will be calculating the Commercial Banking Business Environment Rating (CBBER) for each of the countries surveyed by BMI. This will permit a more systematic and comprehensive comparison of the conditions within the banking industries of the various countries than was possible in the past. For each country, it will also facilitate a comparison of the conditions within the banking sector and conditions prevailing in other sectors.

Nigeria's overall CBBER is 48.0. The equivalent figures for the USA and the eurozone are 84.8 and 81.4, respectively. Nigeria's CBBER is in the upper bottom-half of the countries in the Middle East and Africa surveyed by BMI.

Within the CBBER, the most important aspect is the (banking) market element of the limits of potential returns. This element accounts for 42% of the overall CBBER. Nigeria's rating for this element - 48.8 - is almost exactly equal to the overall CBBER, and only slightly higher than the country element of the limits of potential returns - 44.3. This indicates that although the banking sector is not especially large or highly developed the extent of its development as a sector is nonetheless roughly on a par with the general wealth, stability and financial infrastructure of the country. This reflects the small size of the total assets of Nigeria's banking sector relative to other countries. Moreover, although growth rates will be high, the absolute growth in total assets and client loans during the 2007-2012 forecast period will be inhibited by the current small base from which it is growing.

The CBBER highlights clearly some of the factors that are holding back Nigeria's banking sector. One is the extremely low level of per-capita GDP (which is exacerbated by the uneven distribution of income). Another is the potential volatility of GDP and the Nigerian economy more generally. Figures of Q307 point to higher growth for the Nigerian economy, although the potential for inflation remains. Recent figures from the third quarter are broadly in line with our own views for Nigeria, although we have raised our 2007 real GDP growth estimate to 5.8%. We forecast a real GDP growth rate of 9.2% for 2008. Real GDP growth was driven by the non-oil sector, which grew by 9.5% in Q307 and increasingly accounts for a larger share of total GDP (82% in Q307 at 1990 constant prices). We see this trend continuing into Q407 before undergoing a seasonal dip in Q108, and therefore estimate a Q407 real

GDP growth rate of 6.1%, continuing the trend for relatively high growth rates in the fourth quarter of the year. The trend towards less dependence on the oil sector and the government's 2008 budget, which included a medium term plan for dealing with oil market volatility are both healthy signs for Nigeria's longer term prospects.

There is good reason to worry about inflation in 2008, and we are particularly concerned about inflation pressures emanating from a growth in 2008 state government expenditure, in response to a surge in oil revenues flowing to state coffers from the federal government. The federal government was expected to transfer almost US$6bn of oil savings to state governments, and depending on how the state governments allocate the revenue, this could result in an inflation spike via a liquidity surge. We continue to forecast significant upside potential to the naira and have revised our 2008 year-end forecast to NGN114.0/US$, on the back of projected further inflation risks.

For more information visit http://www.researchandmarkets.com/reports/c89073

ufookoro

April 18th, 2008, 05:23 PM

Nigeria: Kwara State Rated AA-(minus) by Fitch

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This Day (Lagos)

18 April 2008
Posted to the web 18 April 2008

Lagos

Fitch, the foremost credit rating agency, yesterday assigned Kwara State a Foreign and Local Currency Ratings of B+ and a National Long-term rating of AA-(minus). The Outlook for all the ratings are Stable.

According to Fitch, the ratings reflect Kwara's efforts at economic reforms despite its low but yet rapidly growing economic wealth indicators and GDP.

Like any Nigerian state, the ratings also reflect Kwara's volatile macroeconomic indicators owing to high dependence on oil sales/prices, but strongly supported by Kwara's modest financial debt and its strong budgetary performance.

Governor Bukola Saraki whilst commenting on the ratings said: "We are delighted by this distinctive achievement in being the first state in Nigeria to be assigned a credit rating by an international rating agency such as Fitch.

He said: "it is an indication of the steady progress we have recorded over the last five years and it is a measure of the dedication of all those who have worked tirelessly to support this administration towards making Kwara one of the leading states in Nigeria".

The governor further expr-essed his appreciation to the relentless support of Guaranty Trust Bank (GTB), who acted as the Rating Adviser to the state government on the project.

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According to analysts at Fitch, the ratings could be upgraded if Kwara's planning capacities and reporting system are strengthened, which could offer more financial predictability over the medium-term. The ratings could also be upgraded if general macro-economic conditions stabilise, reducing risk of adverse impacts from oil price movements.

Kwara State is located in central Nigeria between Lagos and Abuja. It has about 3 million residents and is the 11th largest Nigerian state by territory.

The agriculture sector employs 80 per cent of the workforce. Going forward, the development of commercial agriculture and food processing, as well as investment in infrastructure development, offers strong growth potential, alongside the 7 to 10 per cent growth of the past few years. This should help raise Kwarans' standard of living from the current GDP per capita of about N130,000 (Euro700/USD1,000).

:banana::banana::banana::banana:

ufookoro

April 18th, 2008, 05:26 PM

9yja

April 18th, 2008, 06:22 PM

Nigerian Federal Government approves construction of petrochemical plant (18-4-2008)

Nigeria's Federal Government has approved the construction of a multi-billion naira petrochemical plant in Anambra State, south-eastern Nigeria. The integrated natural gas utilisation project is to be executed by Emerald Exploration and Production Company and Garden Energy Resources in collaboration with some foreign investors. Upon completion, the project will produce on a daily basis 2200 tons of mix natural gas liquid, 550 tons ethylene, 2,260 tons of ammonia and urea fertiliser, 1, 370 tons of acetic acid and 150 tons of formaldehyde.
Reforms in the oil and gas industry will reposition the sector to fully realise its potential as a crucial catalysts to the nation's economic growth. Among the oil producing nations, Nigeria has seven largest gas resources in the world and over one third of Africa's gas resources with majority of the non-associated gas of Nigeria based in Anambra State.

Michaelda

April 18th, 2008, 06:48 PM

S&P Africa 40 Index: Intercontinental listed among top 10 banks in Africa
Thursday, April 17, 2008

Intercontinental Bank Nigeria Plc has emerged one of the top 10 largest and most liquid companies in Africa, according to a recent ranking of Standard & Poor's (S&P).

The ranking was based on S&P’s three newly launched benchmark and investible indices designed to provide investors with access to Africa's developing equity markets, as well as being a measurement tool for the performance of these markets.

Photo: Sun News Publishing

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The indices aim to capture 80 percent of the total market capitalization of each country and thus provide investors with a comprehensive benchmark on African markets, according to S&P.

The S&P African Frontier Index gained over 52 percent over the last three years, while the S&P Pan-Africa Index has gained over 18 percent in the same period, according to the company.

The third new offering is the S&P Africa 40 Index, designed to provide tradable exposure to 40 of the largest and most liquid companies that operate purely in Africa. Companies must be domiciled in Africa or have the majority of their assets and operations in Africa.

The index is dominated by companies from the financial, materials, telecommunications and industrial sectors, with MTN Group (South Africa), Orascom Construction (Egypt), First Quantum Minerals (Zambia) and Standard Bank Group (South Africa) and Intercontinental Bank (Nigeria) among the largest constituents.

On a historical basis, the S&P Africa 40 recorded returns of 36.35 percent from March 2007 to March 2008, and 49.78per cent annualized on a three year basis, according to S&P.

The S&P Pan Africa Index covers 12 African markets: Botswana, Cote d'Ivoire, Egypt, Ghana, Kenya, Mauritius, Morocco, Namibia, Nigeria, South Africa, Tunisia and Zimbabwe.

The S&P Africa Frontier Index covers eight smaller frontier markets from sub-Saharan Africa, including Botswana, Cote d'Ivoire, Ghana, Kenya, Mauritius, Namibia, Nigeria and Zimbabwe.

To further consolidate its dominance on the African and global scale, Intercontinental Bank will on Thursday unveil a new banking service that will take wealth management to another level in the country.

The bank has created a Wealth Management Group that is equipped to provide upscale and world class services in the area of investment management, financial planning, retirement and estate planning for its customers.

The bank’s Group Chief Executive, Dr. Erastus B O Akingbola, said the bank is poised to surpass this record.

‘‘We are encouraged by our drive, vision and capacity to double, year on year, all the performance indicators of the bank. We intend to beat our record and we shall,’’ he said.

It would be recalled that Intercontinental Bank is the only Nigerian bank to be listed among top 500 financial institutions in the world.

9yja

April 18th, 2008, 07:37 PM

Ekiti to construct N7bn ring road in Ado-Ekiti

18.04.2008

IN its bid to ease traffic congestion and also improve economic activities in Ado-Ekiti, the Ekiti State capital, the state government has concluded plans to construct a ring road in the town.

This was made known by the state governor, Mr. Segun Oni, while flagging-off the construction of Ifaki-Ekiti township roads, Orin-Ido road, Orin-Ora road and Isan-Ilemesho road on Thursday.

Governor Oni, who said preliminary works on the ring-road was nearing completion, added that the road would open up the state capital for more developments.

He also said provision would be made for the ring-road in the 2009 Budget.

Speaking on the level of works at the various sites of the state’s road revolution programme, Oni assured that some of the 27 roads now under construction would be inaugurated next month.

While taking a swipe at a former governor of the state, Mr. Ayo Fayose over his recent comment that the Action Congress (AC) won the April 14, 2007 governorship election, Governor Oni described Fayose’s comment as a “diatribe from a demented man.”

He added that, “I am not going to waste my time talking about Fayose for two reasons; firstly, his problem has gone from psychology to psychiatric. He is demented. If he says we did not win the election, he must be able to prove it. Where was he during the election? Was he not a fugitive?

Oni noted that Fayose had an opportunity to leave a lasting legacy in the state but bungled it by plundering the resources of the state.

9yja

April 18th, 2008, 07:43 PM

Inflation Rate Drops To 7.8%

By Oluyinka Akintunde, Asst Business Editor, Abuja

There was a drop in inflation last month, with the Nigerian Bureau of Statistics (NBS) reporting a rate of 7.8 per cent, against 8.0 per cent in February.

Inflation rate was 5.2 per cent in November 2007, 6.6 per cent (December 2007), and 8.6 per cent (January 2008).

The global rise in food prices posed a serious threat to the maintenance of a single-digit inflation by Nigeria in the first quarter of 2008.

The NBS noted that the 12-month average inflation rose to 5.8 per cent by March, compared with 5.5 per cent in January and February.

"The composite CPI (Consumer Price Index) went up by 0.8 per cent to 171.6 points in March 2008. This was compared to 170.3 observed in February 2008. The rise in the index was caused mainly by increase in the price of some food items, household goods, and kerosene.

"The Urban All Items index rose by 0.2 per cent while the corresponding Rural Index rose by 1.1 per cent over the period, when compared with their preceding months," the NBS said.

The All Items Index rose by 2.5 per cent in the first quarter of 2008, against a decline of 0.02 per cent in the fourth quarter of 2007.

The NBS also reported a 4.1 per cent rise in the Composite Food Index (CFI), caused by a sharp increase in the prices of rice and other staple foods and vegetables.

"The level of the Composite Food Index was higher than the corresponding level a year ago by 12.4 per cent. The average annual rate of rise of the index was 4.2 per cent for the 12-month period ending March 2008."

The Central Bank of Nigeria (CBN) had on December 4 last year raised the Monetary Policy Rate (MPR), its nominal benchmark for lending to banks, from 9.0 percent to 9.5 percent, to peg inflation at a single digit in the first quarter of 2008.

The CBN also raised the MPR to 10 per cent on April 1, 2008 after its Monetary Policy Committee (MPC) meeting, due to its anticipation of a strong downside risk to inflation in the near term.

CBN Governor, Chukwuma Soludo, has enthused that the bank would garner large capital inflows, and significant fiscal injections in 2008, which might aggravate the current level of inflation.

"The Monetary Policy Committee noted that the expected huge fiscal injections in the months ahead and the sustained rise in asset prices would constitute potential downside risks that need to be addressed by strengthening the current restrictive monetary policy.

"The MPC noted that inflation could remain within single digit through the third quarter of the year if necessary actions are taken.'
:cheers:

9yja

April 18th, 2008, 07:48 PM

>>Modibbo To Commission 300 Taxis Today

FCT Administration has concluded arrangement to commission 300 brand new Peugeot 307 for the Abuja Green Cabs Scheme tomorrow.

FCT minister, Dr. Aliyu Modibbo Umar, is expected to do the commissioning by 10:00am at the Peace Park beside the Abuja International Conference Centre, opposite the Radio House, Area 10, Garki, Abuja.

He remarked that this was in fulfilment of the promise he made to the residents of the Federal Capital Territory last Sunday that these vehicles would soon be commissioned to improve the FCT transportation system.

Umar said that the vehicles would immediately, after the commissioning, be released to start plying Abuja roads in order to make an impact on the lives of ordinary Nigerians residing in Abuja.

According to him, FCT Administration was committed to giving transportation a sound base that would enable the Organised Private Sector to build and develop on.

He stated that the Public-Private-Partnership (PPP) of the FCT Administration was really providing the needed services to the residents of the FCT.

It would be recalled that the FCT minister, Dr. Aliyu Modibbo Umar, on Wednesday, January 24, 2008, commissioned 150 large capacity buses owned by the Abuja Urban Mass Transport Company (AUMTCO).

9yja

April 18th, 2008, 07:58 PM

Unhm,i'm on break!Nigeria is full of mixed news.
...good and pathetic ones.

oshon

April 19th, 2008, 11:35 PM

Integrated Cassava Project (ICP) of the International Institute of Tropical Agriculture (IITA), to encourage, promote, and expand agribusiness development in the cassava
subsector in Nigeria.
ICP, hosted at IITA consists of two complementary projects:
Preemptive Management of Cassava Mosaic Disease Project (CMD).
Cassava Enterprise Development Project (CEDP).
New Additions to cassavabiz.com While CMD primarily looks at mitigating the impact of cassava mosaic disease and increasing productivity in Nigeria, CEDP focuses on utilization and agribusiness development.

ICP has three main aims: to sustainably increase food availability, reduce rural poverty and unemployment, and enhance agroindustrial and socioeconomic growth in Nigeria. This will be achieved by deploying high yielding resistant cultivars, adapting improved and profitable postharvest processing methods, and facilitating policies to ensure that problems along the commodity chain are reduced. ICP aims also to increase private sector investment in production, processing, storage, and marketing. The result will be that incomes are raised, and the livelihood of millions of poor farmers and rural processors will be improved.

ICP is funded by the Federal Government of Nigeria, the Niger Delta Development Commission, Shell Petroleum Development Company of Nigeria, United States Agency for International Development, and States in southern Nigeria.

sammyjay77

April 20th, 2008, 07:08 PM

N5.5tn held by Nigeria banks

The total number of the depositors in the 24 universal banks has almost doubled to 24 million since 2003, the Central Bank of Nigeria has said. This is an increase from the 13 million depositors the 89 banks recorded before the consolidation in 2003.

This position was disclosed by the Governor, CBN Prof. Charles Soludo at the second edition of the Nigerian Bankers’ Award organized by the Vanguard Newspapers in Lagos on Friday.

Soludo said the total deposit base of the banks also rose from 1.4tn in 2003 to 5.5tn in 2007, while credit intermediation by the sector also increased from 1.19tn to 4.3tn within the same period. He said with a total of nine million shareholders in the banking sector presently, confidence had restored the system.

He said the fact that virtually all fundamental indices were in territory showed that the banking system had certainly picked up.

He said, “The competition that has come in, has totally re-defined the financial landscape of the country. Nigerian banking system is still taking off. The first pillars have just been put in place by the consolidation and there is a clear difference between where we are now and where we are coming from. Banks are failing abroad and many stock exchanges are crashing due to the credit crunch, but our financial system is still standing strong and even waxing stronger. This, for me is a great achievement, but it is still morning on a creation day in our transformation plan.”

The CBN Governor, however said, there was still much to be done by the banks. He noted that inspite of the quadrupling of credit intermediation; the total credit relative to the Gross Domestic Product was still barely at 31 per cent. He said this presented a wide gap between the performance of the sector and its contemporaries in the African continent.

Soludo however, said inspite of the challenges in the global financial system, the future of the nation’s banking system remained very buoyant and robust once the fundamentals are kept right.

He further stated that supervision was getting better, adding that the regulatory bank would not allow any bank to fail.

According to him, the fight to keep inflation on a single digit would not be laid to rest until victory was stamped.

He said the monetary policy rate was raised after the last Bankers’ Committee because of the anticipated cost in the future, saying that inflation digit had maintained a downward trend since 2003 to its current standing on 6.8 per cent.

The CBN boss said “we will continue to keep inflation on a single digit and keep it there because without low and stable inflation, a low interest rate regime will be a nightmare for all of us. You do not bring down interest rates by mere legislation because it is an instrument.

“We have to maintain single digit inflation for sometime first. It is funny that people demand for as high as 13 to 14 per cent interest on their deposits from the banks but want reduced interest rates when they want to borrow. Well, I believe they often do that for speculative purposes, but we have to understand that the two go pari passu.”

He, however, observed that the plan ahead may not be realised if the right human capital structure was not put in place by the banks.

In his brief remarks, the Minister of Finance, Dr. Shamsudeen Usman, congratulated the CBN Governor for the impact created in a short time, while also saying that fiscal prudence and the maintenance of the fiscal stability recorded so far was a key focus of the ministry.

The weakness of regulations, according to Usman, was identified as the basis for the international financial crisis at the just concluded meeting of the World Bank/International Monetary Fund held in Washington in the United States of America.

The minister, however, warned all the banks to be careful saying that there were not immune to the global financial crisis.

He said, “I call all stakeholders in the Nigerian financial sector to be very careful in their approach to activities as we are not immune to the global crisis in the financial system. While we pray that it does not happen to us here, the mentality that it cannot happen at all is rather disastrous.”

A former Secretary-General of the Commonwealth, Chief Emeka Anyaokwu, said that the Soludo’ touch of ingenuity should be extended to the other sectors of the nation’s economy if the country was to move in the direction of realizing the Vision 20/2020. He said there was still a barrage of challenges to be overcome enroute the actualization of the vision.

Anyaoku said Belgium was one of the largest economies of the world with over $250bn annual total GDP. He noted that it would be a Herculean task for Nigeria with an annual GDP of $50bn to catch up with such economies in the next 12 years.

The Publisher, Vanguard Newspapers and organiser of the award, Mr. Sam Amuka, said the award was the second edition and that it was organized to drive home the positive impact of competition in the banking industry. He noted that in order to make the award more credible, the banks were given equal playing grounds, adding that the integrity of the judges for the awards were staked in various ways. He said the core value of the award was integrity and expressed satisfaction that it was getting stronger by the year.

Amuka said the impact of the banks on the microfinance institutions was left out of the award for 2008 because they were still young in the industry.

The manufacturing sector under the aegis of the Manufacturing Association of Nigeria, according to Amuka, had complained that the banks were not doing much in extending credits to them.

Different awards were given to the different banks with Guaranty Trust bank Plc emerging as the most customer-friendly bank and best bank in corporate governance. The Best Bank Award in Corporate social Responsibility went to Intercontinental Bank Plc while Access Bank Plc came top in the category of gender responsiveness, among others.

In all, a total of 15 categories of award were given to different banks choosing from three nominees in each category at the event. Five eminent personalities were also awarded for their contributions to the banking industry in Nigeria.

sammyjay77

April 20th, 2008, 07:40 PM

Abacha loot: Why Swiss govt won’t release $4bn

Fresh facts emerged on Saturday on why the Swiss government was relundant to release more than $4bn, the balance of the money allegedly looted by the late Head of State, Gen. Sani Abacha.

All efforts by the Nigerian government since 1999 to get the looted funds have led to the repatriation of about $1.3bn during the tenure of President Olusegun Obasanjo.

However, Swiss authorities who facilitated the repatriation of the amount had become reluctant to return the balance since then, claiming that the fund was not spent judiciously.

The Director, Nigeria Office of the Heinrich Boll Foundation which was part of a commission set up to monitor the spending of the funds, Dr. Stefan Cramer, said the Swiss government was not impressed by the Obasanjo government’s handling of the initial repatriated fund.

Cramer who spoke exclusively with our correspondents in Abuja said the Swiss government had disapproved of the wanton lack of transparency and accountability in the use of the funds by the Nigerian government.

He said, “There is an obvious reluctance on the part of the Swiss government to repatriate funds until there is clear evidence of financial transparency and due process in Nigeria.

The Abacha Loot Commission comprised three groups namely the Federal Government of Nigeria, the World Bank and a civil society group, the Nigerian Network on Stolen Assets.

A shadow report published by the civil society group, which was obtained by our correspondents, had openly contradicted that published by the World Bank, which Cramer described as complacent and appearing to favour the Federal Government.

The World Bank, in its report on the utilisation of repatriated funds published in December 2006, had given the Federal Government a pass mark.

It noted that, of the 51 projects it reviewed, 23 were described as completed, 26 were at various stages of completion, and two were described as stopped.

All 23 completed projects were described as functioning, with varying levels of utilisation, it said.

The report also revealed a considerable remaining weakness in budget recording, reporting, and monitoring in Nigeria , but noted that the Federal Government had recently launched several important initiatives to address these problems.

The World Bank report was contradicted by a shadow report of the Nigerian Network on Stolen Assets, which observed “inadequate use of public funds budgeted for development. The gross failure and neglect of other contractors defy belief.

It added, “Some completed projects exhibited such poor workmanship that the installation already required major refurbishing shortly after construction completion.”

Cramer noted that though the commission did not exist anymore, the groups were equally represented and had been given the mandate to ensure that the money was used for what it was originally intended.

We got involved in this issue in 2003 when it became clear that the Abacha loot, which was stashed away in Swiss banks, was to be repatriated.

One of the conditions given by the Swiss government for the repatriation was that money will be exclusively used for poverty alleviation and achievement of the Millennium Development Goals.

“The Swiss government made it clear that they wanted to have an independent monitoring of these process because they would not trust acknowledgement by the government that it would be used.

He stated that the money was repatriated on the condition that the World Bank and civil society would closely monitor the spending process.

To achieve this goal, Cramer said, the Abacha Loot Commission was set up to monitor every project that the Federal Government had identified as being funded with the repatriated loot.

According to him, This was the first time in Nigerian history that civil society got an open door policy to monitor government spending on projects; it got an opportunity to monitor how public funds were spent in the country.

About 57 different projects were identified by the Federal Government, including infrastructure projects such as hospitals, school buildings, and they were monitored with regards to costing, due process, and proper implementation, he said.

Cramer said, “Many of the projects were found to be missing; most could not even be identified physically.”

He insisted that the civil society monitoring arm of the loot commission was not satisfied with the manner in which the funds were expended and the lack of due process and accountability.

Cramer said, “The net result of the whole exercise was negative since more than half of the monies could not be traced.”

He said though the commission finding were disheartening, the process had its good side since it laid the foundation for due process in government expenditure, as well as the involvement of civil society in monitoring public expenditure.

He said, The fact that the latest public procurement bill is even intense of public oversight of local, state and federal government spending is a big step for the country, and can be traced to the Abacha loot process.

Cramer noted that with the new procurement bill and the new administration insistence on rule of law, confidence was rising in international circles, adding that the foreign authorities might begin to consider returning most of the country loot stashed in foreign banks.

He lauded the activities of anti-corruption agencies including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission towards instilling financial discipline in the system.

He said, “They are far from perfect, as far as I can see, and there are persistent allegations that the past government used the anti-corruption bodies substantially for political gains. But that is always to be considered in a political environment.

“But the country has generally been healthier due to the presence of these organisations as they have managed to send shivers down the spine of the financial organisations and some corrupt politicians.”

He recommended more transparency, funding and operational independence for anti-corruption agencies, adding that they were important for the sanity of the system.

The hypocrisy of the swiss Government is too glaring. Why didn't they stop the Money from coming in at first? I am not making a case for corrupt Government officials but Nigeria is a sovereign state and should be allowed to decide on how to use her money and not the swiss Govt telling us what and what to do with the Money. Well, I blame our Leaders.

That huge amount is accruing interest for the swiss Govt. The amount of stolen monies frozen by these foreign Governments is really helping their Economies because about 80 percent of this monies are never returned to their countries of origin.